Mumbai, Feb. 16 -- The latest IEA Monthly Report reveals a slowdown in global oil demand growth, with the rate easing from 2.8 million barrels per day (mb/d) in the third quarter of 2023 to 1.8 mb/d in the fourth quarter. This decline was driven by a significant drop in demand in China, which contributed to a global decrease of 830 thousand barrels per day (kb/d), bringing total demand to 102.1 mb/d in the last quarter of 2023. The report forecasts a further deceleration in growth to 1.2 mb/d in 2024, a notable decrease from the 2.3 mb/d growth seen in the previous year. China, India, and Brazil are expected to remain the primary contributors to this growth pattern.
Published by HT Digital Content Services with permission from Capital Mark...