Global oil demand growth slowing: IEA

PARIS: Global oil demand growth slowed in the second quarter of the year, primarily due to softer construction and industrial activity in China, the International Energy Agency said Tuesday.

“Demand is set to rise by less than 1 mbd (million barrels per day) in both 2024 and 2025,” said the IEA in its monthly oil report. That growth rate is far slower than last year’s 2.1 mbd increase and slower than pre-pandemic expansion.

The IEA expects global consumption to come in at 103.06 mbd in 2024, up from 102.09 mbd last year and 100.6 mbd in 2019.

Europe will be the only continent to see a drop in overall demand, with the Americas rising only marginally.

Demand will continue to expand apace in the Asia-Pacific region, including in China, according to the IEA.