She said the market will see a significant surplus in 2025 if there is no major supply disruption.
The Paris-based agency expected Chinese demand to grow by only about 150,000 barrels per day in 2024, after consumption fell by about 500,000 barrels per day in August compared to the same month last year, which is a decline for the fourth month in a row.
“It continues,” the agency said in its monthly report Chinese demand on Oil “This is lower than expected, which is the main factor hindering overall growth.”
