IEA Says Oil Demand Growth Weakness to Continue on China and EVs
Electric vehicles bound for shipment at the Port of Taicang in China.
Source: Bloomberg
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Global oil demand growth will continue to weaken due to China’s economic slowdown and the rapid uptake of electric vehicles, according to the International Energy Agency.
“This year, global oil demand is very weak, much weaker than previous years, and we expect this will continue because of one word — China,” Fatih Birol, the executive director of the IEA, said in an interview with Bloomberg television on Monday. He reiterated that crude supply and spare capacity was ample.