IEA sees oil demand growth slowing as China consumption eases

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As
for
this
year
itself,
the
agency
is
keeping
their
demand
growth
forecast
largely
steady
at
970k
bpd.
IEA
notes
that
the
post-pandemic
rebound
in
Chinese
consumption
has
now
run
its
course.
And
while
China
has
accounted
for
roughly
70%
of
global
demand
gains
last
year,
it
is
only
holding
a
share
of
around
40%
for
this
year
and
next.

Besides
that,
IEA
notes
that
subpar
economic
growth,
greater
efficiencies
and
vehicle
electrification
to
continue
to
weigh
on
demand
in
2024
and
2025.