IEA Sees Lower 2025 Oil Demand Following Slow Q2 [Video]

Demand for oil in 2025 is projected to grow less than previously expected after the global oil market had its slowest quarter since the end of 2022, the International Energy Agency (IEA) said in a new monthly report Thursday.

Oil demand grew by 710,000 barrels per day year-over-year in the second quarter, which the IEA said is the slowest growth since the fourth quarter of 2022. Consumption in China, one of the most important markets for oil across the globe, contracted in April and May, putting its current consumption levels slightly below the same time last year, the IEA said.

The agency said it expects demand growth for the 2024 to be around 970,000 barrels per day, with a projection of 980,000 barrels per day for 2025, lowered from a previous projection of 1 million barrels per day.

The global oil market faces several headwinds heading into the second half of this year and into 2025, including “subpar economic growth, greater …