Oil demand growth at its lowest level since the pandemic
The International Energy Agency stated that global oil demand “slowed sharply” as the Chinese economy cooled. In the first half of the year, demand averaged 800 thousand per day, the lowest level since 2020.
According to the International Energy Agency (IEA) oil market report for August, demand growth in the first half of the year slowed sharply compared to the previous report.
The agency noted that global oil demand “slowed sharply” as China’s economy cooled and prices fell to a three-year low.
According to the report, global oil demand is expected to increase by 900 thousand barrels per day this year to around 103 million barrels. In its report last month, the IEA had predicted an increase of 970 thousand barrels per day in global oil demand.
Demand is projected to be 45 million 600 thousand barrels in OECD countries and 57 million 400 thousand barrels in non-OECD countries this year.
Global oil demand is estimated to increase by 900 thousand barrels per day next year compared to this year, reaching approximately 103 million 900 thousand barrels.
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