thedailyeveningnews.com
Advertisement
  • Home
  • National
  • Politics
  • World
  • Business & Economy
  • Sports
  • Entertainment
  • Education
  • Health
  • Lifestyle
  • Opinion
  • More
    • Districts
    • Science & Technology
    • Climate, Environment & Energy
  •   Epaper  
  •   বাংলা  
No Result
View All Result
  • Home
  • National
  • Politics
  • World
  • Business & Economy
  • Sports
  • Entertainment
  • Education
  • Health
  • Lifestyle
  • Opinion
  • More
    • Districts
    • Science & Technology
    • Climate, Environment & Energy
No Result
View All Result
thedailyeveningnews.com
Home Business & Economy

Oil demand growth slowing, China consumption dips: IEA

by DEN Online Desk
July 11, 2024
in Business & Economy
0
Oil demand growth slowing, China consumption dips: IEA

AFP

Share on FacebookShare on Twitter
AFP-  The International Energy Agency trimmed its forecasts Thursday as it said world oil demand growth continues to slow and consumption in China dipped.

The Paris-based body that advises industrial nations on energy policy said oil demand increased by just 710,000 barrels per day in the second quarter, the slowest rate in over a year.

“Oil consumption in China, long the engine of global oil demand growth, contracted in both April and May” the IEA said in its monthly report on the oil market.

Chinese demand in the second quarter was also marginally below the same period in 2023.

While demand in that quarter benefitted from the reopening of the Chinese economy after Covid lockdowns, the IEA said that the recent drop also “points to an intrinsic slowdown” and that “the downswing in the industrial fuels indicates a broader weakness in manufacturing”.

The world’s second-largest economy is grappling with a real estate debt crisis, weakening consumption, an ageing population and geopolitical tensions overseas.

The IEA trimmed its forecast for Chinese oil demand this year by 0.2 million barrels per day (mbd) to 17 mbd. While that would be a gain of 0.5 mbd from 2023, it is far short of the 1.5 mbd gain last year.

The IEA sees Chinese demand growth slowing to 0.3 mbd in 2025, also a drop of 0.2 mbd from its previous forecast.

The return to pre-Covid normalcy and weak growth will also see China’s weight in global oil demand growth decline, from about 70 percent of gains last year to 40 percent this year and next, according to the IEA.

Emerging economies such as India and Brazil will account for a greater share in global oil demand growth, while advanced economies in the OECD will see consumption decline.

“Global gains are forecast to average just below 1 mbd in 2024 and 2025, as subpar economic growth, greater efficiencies and vehicle electrification act as headwinds,” the agency said.

It trimmed its 2024 global oil demand forecast by 0.1 mbd to 103.1 mbd and its 2025 forecast by 0.2 mbd to 104.0 mbd.

Earlier this month the IEA said it expected global oil demand to stabilise at around 106 mbd by the end of the decade as demand in advanced economies falls.

AFP

Previous Post

Water shortages worsen as funding dries up for northwest Syria displaced

Next Post

Commercial goods trucked into Gaza after aid logjams

Next Post
Commercial goods trucked into Gaza after aid logjams

Commercial goods trucked into Gaza after aid logjams

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Another achievement: Commodity prices are going to be controlled

Another achievement: Commodity prices are going to be controlled

August 20, 2024
Mymensingh Palli Vidut Samiti-3 is on continuous strike

Mymensingh Palli Vidut Samiti-3 is on continuous strike

July 7, 2024
Indefinite strike in Khulna Palli Bidyut Samity to implement uniform employment rules

Indefinite strike in Khulna Palli Bidyut Samity to implement uniform employment rules

July 4, 2024
Two thousand four hundred sub-assistants of LGED Engineers are discriminated against in promotion, chain of command may break down.

Two thousand four hundred sub-assistants of LGED Engineers are discriminated against in promotion, chain of command may break down.

September 9, 2024
In the runs: Aaron Johnson on his way to his half-century on Tuesday Pic: AFP

Rizwan, Babar keep Pakistan alive at T20 World Cup

0
Warholm leads galaxy of stars at classy Euros

Warholm leads galaxy of stars at classy Euros

0
NATO’s Stoltenberg meets Hungary’s Orban amid tensions

NATO’s Stoltenberg meets Hungary’s Orban amid tensions

0
G7 to agree $50-bn Ukraine loan at Italy summit

G7 to agree $50-bn Ukraine loan at Italy summit

0
Anti-corruption debate competition in Mirpur, Kushtia

Anti-corruption debate competition in Mirpur, Kushtia

May 29, 2025
The backward population of Sunamganj should be brought forward through nutrition awareness

The backward population of Sunamganj should be brought forward through nutrition awareness

May 29, 2025
US trade court blocks tariffs in major setback for Trump

US trade court blocks tariffs in major setback for Trump

May 29, 2025
Strong Tobacco Control Measures a Must to Protect the Youth

Strong Tobacco Control Measures a Must to Protect the Youth

May 28, 2025

Recent News

Anti-corruption debate competition in Mirpur, Kushtia

Anti-corruption debate competition in Mirpur, Kushtia

May 29, 2025
The backward population of Sunamganj should be brought forward through nutrition awareness

The backward population of Sunamganj should be brought forward through nutrition awareness

May 29, 2025
US trade court blocks tariffs in major setback for Trump

US trade court blocks tariffs in major setback for Trump

May 29, 2025
Strong Tobacco Control Measures a Must to Protect the Youth

Strong Tobacco Control Measures a Must to Protect the Youth

May 28, 2025
thedailyeveningnews.com

Editor and Publisher
A.B.M Salim Ahmed
The Daily Evening News
14 Purana Paltan, Dar-us-salam Arcade
(09th Floor), Dhaka-1000.
Phone: 01713-043081, 01973-043081,
E-mail: eveningbd@yahoo.com

Follow Us

Browse by Category

  • Animal
  • Bangladesh
  • Business & Economy
  • Climate, Environment & Energy
  • Corporate
  • Diplomacy
  • Districts
  • Education
  • Elections
  • Entertainment
  • Gallery
  • Health
  • Lifestyle
  • Metro
  • National
  • Opinion
  • Politics
  • Science & Technology
  • Sports
  • Travel
  • Uncategorized
  • World

© 2024 The Daily Evening News All rights reserved.

The best sites to buy Instagram followers in 2024 are easily Smmsav.com and Followersav.com. Betcasinoscript.com is Best sites Buy certified Online Casino Script. buy instagram followers buy instagram followers Online Casino

No Result
View All Result
  • Home
  • National
  • Politics
  • World
  • Business & Economy
  • Sports
  • Entertainment
  • Education
  • Health
  • Science & Technology
  • Lifestyle
  • Climate, Environment & Energy
  • Opinion
  • Epaper
  • বাংলা