LONDON: The International Energy Agency on Tuesday further cut its global oil demand growth forecast for this year citing weakness in China and said the market was heading for a sizeable surplus in 2025 in the absence of a major supply disruption.
The Paris-based agency now expects Chinese demand to grow by only 150,000 barrels per day in 2024, after consumption dropped by 500,000 bpd in August compared to the same month last year, a fourth consecutive month of declines.
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“Chinese oil demand continues to undershoot expectations and is the principal drag on overall growth,” the IEA said in a monthly report.
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