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- Non-OECD countries dominate the outlook, with forecast demand set to increase by 1.3 mb/d in 2024 and 1.2 mb/d in 2025. By contrast, consumption in the OECD will decline by 60 kb/d in both years. China continues to lead the growth even as its share of the global increase slumps from 79% in 2023 to 45% in 2024 and 27% next year.
www.iea.org/reports/oil-market-report-april-2024
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Emerging economies in Asia, particularly China and India, account for all of global demand growth. By contrast, oil demand in advanced economies falls sharply. Rising world oil supplies, led by non‑OPEC+ producers, are expected to surpass forecast demand from 2025 onwards.
Aug 13, 2024 · The International Energy Agency (IEA) kept its 2024 global oil demand growth forecast unchanged on Tuesday but trimmed its 2025 estimate, citing the impact of a weakened Chinese economy on...
