The International Energy Agency trimmed estimates for global oil demand growth this year as renewed Covid lockdowns in China slow activity in the world’s second-biggest consumer.
World oil consumption will increase by 2 million barrels a day this year — about 110,000 a day less than previously forecast — to average 99.7 million barrels a day, the Paris-based agency said in its latest monthly report. Demand will expand again by about the same amount in 2023, it said.
China — the engine of world oil demand growth for much of the past two decades — will see a contraction this year of 420,000 barrels a day in product demand, a much steeper drop than envisaged last month.
