August 13, 2024 at 09:08AM
2024 world oil demand growth forecast unchanged at 970k bpd
2025 world oil demand growth forecast seen at 950k bpd (previously 980k bpd)
Chinese oil demand has contracted for third consecutive month
Weak growth in China now significantly dragging on global gains
OPEC+ cuts are tightening physical markets
Could see a supply deficit as US summer driving season is set to be strongest since the pandemic
The narrative is more or less the same as from OPEC+ here yesterday.
This article was written by Justin Low at www.forexlive.com.
IEA makes no change to 2024 world oil demand growth forecast in latest report