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IEA: CN Oil Demand Expected to Peak Earlier Than Expected
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China's oil demand will peak earlier than anticipated, reinforcing the view that global oil demand will peak before 2030 and exacerbate supply surplus concerns, the International Energy Agency (IEA) said. Due to exceptionally strong EV sales in China, the IEA lowered its forecasts for China's daily oil consumption before 2030 by about 1 million barrels. It estimated that China's oil demand will peak in 2027 at 16.9 million barrels per day, approx. two years earlier than previously predicted, and global oil consumption will also reach its peak after 2027. AASTOCKS Financial News Website: www.aastocks.com |
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