In its monthly report, the International Energy Agency painted a bleak picture for oil demand, Commerzbank’s Commodity Analyst Carsten Fritsch notes. China to see an increase in demand of 180,000 bpd in 2024 “In the first half of the year, it increased by only 800,000 barrels per day compared to the previous year. This is only one-third of the increase in the previous year. For the year as a whole, the IEA expects demand to grow by 900,000 barrels per day.
oil supply.” “Consequently, the call on oil will fall to an average of 26.2 million barrels per day next year. That is a good 1 million barrels per day less than 's current production. would therefore actually have to reduce supply next year to avoid a surplus. The gradual increase in production that has been planned so far would result in a considerable oversupply.”