Global oil demand growth slows as China slumps: IEA

The International Energy Agency reports global oil demand growth slowed significantly in the first half of 2024, primarily due to China’s economic challenges. The IEA has lowered its full-year forecast, projecting demand growth of 900,000 barrels per day. China’s shift towards alternative energy and weak consumer spending are key factors. Oil prices have weakened, prompting OPEC+ members to extend supply cuts. However, the IEA suggests that rising non-OPEC+ supply may still lead to a surplus, despite these measures.READ FULL