Commodities
Global Oil Demand Growth Slows Further as China Cools, IEA Says
- China’s post-Covid rebound ‘has run its course’: IEA
- World oil inventories reach highest level since mid-2021
An oil tanker at the Port of Long Beach, California.
Photographer: Tim Rue/BloombergThis article is for subscribers only.
Global oil demand growth slowed to its weakest in more than a year last quarter as the post-pandemic rebound in China fades, the International Energy Agency said.
World consumption increased by just 710,000 barrels a day in the second quarter — the smallest gain since late 2022 — while China slipped into a marginal contraction, the agency said in its monthly report on Thursday. For 2024 and 2025, global demand remains on track to grow each year by less than 1 million barrels a day.