Recently, the International Energy Agency (IEA) has adjusted its global oil demand forecast, maintaining the global oil demand growth forecast for 2024 unchanged, and lowering its forecast for oil demand in 2025, citing the slowdown in China's oil consumption.

    The IEA pointed out that the slowdown in China's oil demand has had an impact on the growth of global oil demand, but developed countries, especially the United States, which consumes one-third of the world's gasoline, are making up for this shortfall. It is said that summer road driving in the United States has entered the strongest season since the epidemic. In addition, production cuts by the Organization of Petroleum Exporting Countries and other oil-producing countries have tightened the supply of the oil spot market.

    The IEA said in its monthly oil report that at present, supply is difficult to keep up with peak summer demand and market supply is becoming tight. Source: Sinochem New Network