Oil Demand Growth Slows
This is a China news story, published by Yahoo Finance, that relates primarily to OPEC news.
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oil demand growthReuters
•Analysis-Global oil demand needs to rise faster to absorb OPEC+ hike
80% Informative
OPEC+ confirmed its plan to start raising production from October with the caveat that it could be paused or reversed.
OPEC pegs global demand growth at 2.15 million bpd in the first half of 2024 , while the IEA estimates it was 735,000 bpd.
China 's slumping consumption of diesel, as use of LNG -powered trucks grows, is weighing on domestic fuel demand.
OPEC sources say it is unclear if demand is rising as rapidly as needed to meet OPEC 's third-quarter forecast.
IEA says slower economic growth and shift towards electric vehicles in China has changed the paradigm for global oil consumption.
Early indications of China 's August crude imports point to a small rebound from July .
In top oil consumer the United States , gasoline demand has proven hard to gauge.
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