The December issue of the World of Petroleum and Bitumen
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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