Energy
Global Oil Demand Growth to Cool as China Slows, EIA Says
- Crude usage outlook revised down by 200,000 barrels a day
- US oil output growth forecast also reduced through next year
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The US government’s energy-tracking agency added to a chorus of concerns about falling demand for oil next year caused by an economic slowdown in China, the world’s largest crude importer.
Global crude consumption will be about 104.5 million barrels a day in 2025, down 200,000 barrels a day from a previous forecast, cutting next year’s projected demand growth rate to 1.6%, according to a monthly Energy Information Administration report Tuesday. The downward revision was driven by concerns that China’s economy has been slowing.