Oil-Demand Growth Slowdown Marks Return to Prepandemic Trends, IEA Says
18 January 2024 - 9:29AM
Dow Jones News
By Giulia Petroni
Global oil-demand growth slowed significantly at the end of last
year and is expected to weaken further, marking a return to
prepandemic trends, according to the International Energy
Agency.
The Paris-based organization said Thursday in its monthly report
that growth is projected to ease to 1.2 million barrels a day in
2024 from 2.3 million barrels a day last year, taking total demand
to an average of 103 million barrels a day. Demand growth for 2024
was previously estimated at 1.1 million barrels a day.
In the fourth quarter of last year, growth slowed to 1.7 million
barrels a day from 2.8 million barrels a day in the third quarter,
reflecting slowing travel demand in China after a post-pandemic
boom, the IEA said.
China is still set to account for almost 60% of global demand
growth this year, boosted by the expansion of the petrochemical
sector, the IEA said.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
January 18, 2024 04:14 ET (09:14 GMT)
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