International Energy Agency's September 2024 Oil Market Report: Oil demand in the first half of 2024 increased by 800000 barrels per day year-on-year

Recently, the International Energy Agency released a monthly report on the oil market, showing that global oil demand growth continues to slow down. According to reports, oil demand in the first half of 2024 increased by 800000 barrels per day year-on-year, the lowest level since 2020. The main driving factor for this decline is the rapid slowdown of the Chinese economy. In July, China's oil consumption decreased for the fourth consecutive month year-on-year, with a decline of 280000 barrels per day. In 2024, the average annual oil demand will increase by 900000 barrels per day, compared to 2.1 million barrels per day last year, and the demand will reach nearly 1.03 million barrels per day. In 2025, oil demand is expected to increase by 950000 barrels per day, with a similarly sluggish growth rate.