IEA Maintains Muted Oil Demand Growth Outlook

Global oil demand is set to rise by less than 1 million barrels per day (bpd) in both 2024 and 2025, as a contraction in Chinese consumption has limited growth so far this year, the International Energy Agency (IEA) said on Tuesday, keeping its near-term growth forecasts unchanged. World oil demand rose by 870,000 bpd in the second quarter of the year, amid China’s oil demand contracting for a third consecutive month in June, the agency said in its closely-watched Oil Market Report. While China’s oil demand weakened, gasoline consumption…