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Will Sluggish Chinese Oil Demand Derail OPEC’s Optimistic Forecasts?

Will Sluggish Chinese Oil Demand Derail OPEC's Optimistic Forecasts?

Global oil demand growth continues to slow down amid underwhelming Chinese consumption, the International Energy Agency (IEA) said on Thursday, keeping its growth forecast at more than half of OPEC’s projected increase in demand.  World oil demand growth saw in the second quarter of this year growth of just 710,000 barrels per day (bpd) compared to Q2 2023. This was the slowest quarterly increase in oil demand since the fourth quarter of 2022, the IEA said in its closely-watched monthly Oil Market Report published today.  …

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