IEA: global oil demand “slowing sharply”

Global oil demand growth is “slowing sharply” as China’s economy cools, pushing prices to a three-year low, the International Energy Agency said. World consumption increased by 800,000 barrels a day in the first half of the year, barely a third of the expansion in the same period of 2023, the adviser to major economies said in a monthly report. It’s the lowest rate since oil demand crashed during the 2020 pandemic. Toril Bosoni, head of the agency’s oil market division, discusses the report’s findings on Bloomberg Television. Here is a direct video link.