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The International Energy Agency (IEA) has adjusted its predictions for global oil demand, increasing its estimate for 2024 but lowering expectations for the following year, attributing the change to a weakening Chinese economy.
According to the Paris-based agency, “China’s significant economic deceleration has been the primary factor restraining demand. This year’s growth is projected to be only one-tenth of the 1.4 million barrels per day (mb/d) rise recorded in 2023.”
The IEA now anticipates global oil consumption to increase by roughly 920,000 barrels per day (B/D) in 2024, a slight rise from its October projection, which was “just under” 900,000 B/D.
For 2025, the agency predicts growth of “slightly below” 1 million B/D, revising down its earlier estimate of “approximately” 1 million B/D.
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