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Moscow, July 11 (Sputnik) – The International Energy Agency (IEA) confirmed that world oil demand continues to slow.
“Global oil demand growth slowed to just 710 kb/d in the second quarter of 2024, the slowest quarterly increase since the fourth quarter of 2022, when China was completely constrained,” the IEA noted in its June report.
The organization attributed the slowdown to a “normalization of growth rates,” a return to trends seen in the 2010s, and an end to volatility triggered by the coronavirus pandemic.
The IEA estimates that global oil demand will be around 103.063 million barrels per day (mb/d) in 2024, slightly higher than its June forecast. According to the latest forecast, demand will increase to 104,041 mb/d by 2025.
China’s contribution to global oil demand growth is expected to be 70% in 2023, falling to 40% in 2024 and 2025, while other emerging economies such as India and Brazil will become more prominent.
This diversification trend is also reflected in the refining product mix, with the contribution of jet fuel and kerosene to global demand growth falling from 50% last year to less than 30% in 2024. (Sputnik)
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