IEA sees oil demand development slowing as China consumption eases

As for this year itself, the agency is keeping their demand growth forecast largely steady at 970k bpd. IEA notes that the post-pandemic rebound in Chinese consumption has now run its course. And while China has accounted for roughly 70% of global demand gains last year, it is only holding a share of around 40% for this year and next.

Besides that, IEA notes that subpar economic growth, greater efficiencies and vehicle electrification to continue to weigh on demand in 2024 and 2025.