The IEA posits in its February Oil Market Report (OMR) released this week (MEES, 14 February) that 2024 marked “the beginning of a period of slower and more fragmented global oil demand growth.” For the past decade, China was the driver of global oil demand growth, with its demand increasing by 600,000 b/d each year on average over 2013-2023. However, this slowed drastically last year to just 150,000 b/d, putting it behind India on 200,000 b/d, according to IEA figures.
Asia remains the heart of future demand growth, and the IEA says that “excluding China and India, non-OECD Asian consumption rose by 300,000 b/d, for a regional-wide total of about three-quarters of all gains. Middle Eastern demand also played an important role, rising by a combined 110,000 b/d in 2024.” (CONTINUED - 167 WORDS)