China’s Low-Gear Economy Dims Global Outlook For Oil
- Nation’s fuels demand forecast to slide in second-half of year
- OPEC+ leaders due to discuss state of global market on Aug. 1
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China’s struggle to kick start its stuttering economy has spawned forecasts of weaker fuels consumption during the rest of this year, darkening the global demand outlook for oil.
The Asian powerhouse’s diesel usage may fall 5.6% year-on-year in the second half of 2024, following a 4.2% drop in the first half amid weaker logistics and infrastructure spending, according to Mysteel OilChem.