Reported 27 days ago
The International Energy Agency (IEA) indicates that a decline in global oil demand, largely driven by weak consumption in China, is maintaining pressure on oil prices, which have recently fallen below $70 a barrel. China's industrial petroleum consumption has decreased significantly, contributing to an overall expected increase in Chinese demand of only 180,000 barrels per day in 2024, a reduction from previous forecasts. Meanwhile, demand growth from other major economies remains stagnant, further impacting the global oil market.
Source: YAHOO