IEA lowers oil demand growth forecast for 2024

The International Energy Agency (IEA) has revised its forecast for global oil demand growth in 2024 downwards, to 910,000 barrels per day (b/d), from the previous estimate of 970,000 b/d.
This reduction reflects signals of a significant slowdown in the Chinese economy and a rapid transition to alternative fuels.
On the other hand, the demand growth estimate for 2025 remains unchanged at 950,000 b/d.
The IEA anticipates a plateau in global oil demand by the end of the decade, due to persistent structural changes.
The Chinese slowdown is a central factor in this revision.
The IEA now forecasts oil demand growth in China of just 180,000 b/d for 2024, a downward revision from the previous forecast of 300,000 b/d.
This decline is linked to a decrease in consumption observed for four consecutive months up to July, contrasting with an increase of 1.5 million b/d in 2023.
This decline is explained by a general economic slowdown and an increased transition to alternative energies.