IEA cuts 2025 oil demand outlook

The International Energy Agency has cut its global oil demand forecast for 2025, citing the impact of a weakening Chinese economy on consumption. The International Energy Agency (IEA) has cut its global oil demand forecast for 2025, citing the impact of a weakening Chinese economy on consumption. The Paris-based agency said China’s oil demand contracted for a third straight month in June and is likely to be weaker in July as crude imports fell to their lowest level since the lockdown. As the impact of China’s post-pandemic economic rebound fades, the IEA expects strong demand in Western economies, particularly the United States, where a third of global gasoline is consumed. The IEA also left its 2024 global oil demand growth forecast unchanged.