The International Energy Agency (IEA) has revised its forecast for oil demand slightly downwards this year.
The International Energy Agency has revised its forecast for oil demand slightly downwards this year. This was due to a significant slowdown in demand in the second quarter, particularly in the emerging economies, where the annual increase was the lowest since 2020, which was impacted by the COVID-19 pandemic, Commerzbank’s Commodity Analyst Carsten Fritsch notes.
” “In the first seven months of the year, crude oil processing remained 1.2% below the previous year's level. Last time this happened was at the end of 2022, when oil demand in China recorded a hitherto unprecedented annual decline due to the strict COVID-19 policy. The reasons for the weak processing are easy to name. The low processing margins and subdued demand for fuel make it less attractive for refineries to process crude oil.
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