Oil Market: IEA Warns Global Demand Growth 'Slowing Sharply' as China Cools

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.
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[@GeorgeSchneider8889]

🇺🇸, European and Chinese consumers are using more EVs and hybrid cars 🤷‍♂️

[@carkawalakhatulistiwa]

2024 In May 49% of cars sold in China were EVs and hybrids In June 51% of cars sold in China were EVs and hybrids In juli 53% of cars sold in China were EVs and hybrids In Agustus 55% of cars sold in China were EVs and hybrids. The growth of electric cars in China is unstoppable

[@tobybrown1179]

Well ev vehicles are almost non existent in Australia 😂

[@milosnestorovic1594]

Yes, but must Slowly, it is long time process, may very long time, Inevitable....

[@Ymunoz89]

but isn't this good?, less oil less global warming.

[@Mellowyellow8888]

its seasonal weakness..

[@rz011279]

I don't get it either. they talk like it's bad thing in terms of "are you worried".....let the parasite countries to worry. im happy

[@jakubjuszczak7525]

You are abolute idiot if you think oil is responsible for global warming. JUST READ how much pollution is generated during production and utilization of solar pannels and EV'S. Just read articles

[@hangender]

we want to keep polluting the earth...

[@cameronf3343]

⁠​⁠@@Mellowyellow8888 Sell your oil shares while you still can you naive drone. Oil will be replaced, soon. Period.

[@AutumnBrazzle]

aistockadvisor AI fixes this (AI Stock Advisor). Global demand growth slowing sharply.

[@willeisinga2089]

We go All Electric. Need no more Oil. Petro Era is History.

[@Dc9127-d9d]

@@willeisinga2089 can’t go all EV. To create a battery. You need oil to dig

[@willeisinga2089]

@@Dc9127-d9d Battery to dig. Google Janus Electric Trucks Australia. 100 Ton Trucks on Battery. Battery Swapp Containers . Excavators on Battery Swapp Containers. Ships on Battery Swapp Containers in Nederland. Nio Battery Swapp Cars. Tesla Battery Cars. All Electric is here. Oil Price Collapses. Happening Now.

[@TheRealSnakePlisken]

Willie - you should do more research. You are clearly misinformed.

[@willeisinga2089]

@@TheRealSnakePlisken Dongfeng Box coming. 8000 in China. 24.000 in the EU. Wuling Bingo Coming. 7000 in China. 20.000 in the EU. Dacia Spring 20.000. 7000 in China. BYD Seagull 20.000. Nio buys Audi Factory in Brussels for Battery Swapp EV. BYD in former Ford Factories in Salvador Bahia Brasil. Tesla Giga Factories in Shanghai Berlin Austin Reno San Francisco. Volkswagen must close factories in Germany. Audi must close factories. Mercedes next. BMW closed Borne Nederland Factory. Its only the beginning.

[@t.d.5804]

havent been at the pumps for 10 years now, EV and heatpump with solar, best thing ever happend here

[@carkawalakhatulistiwa]

2024 In May 49% of cars sold in China were EVs and hybrids In June 51% of cars sold in China were EVs and hybrids In juli 53% of cars sold in China were EVs and hybrids In Agustus 55% of cars sold in China were EVs and hybrids. The growth of electric cars in China is unstoppable

[@colonelsanders2566]

EV is not main reason for china's slow oil consumption, freight and airplanes consume oil too, cosmetics requires oil, etc. China not consuming oil that much mean people dont spend much anymore, economy requires consumption.

[@eish3291]

The part which you are not reporting is that for every ev sold ,that is one less oil consumer on the road.

[@carkawalakhatulistiwa]

​@@Jag-leaperthat way China now use LFP Battery Without cobalt and nickel Cobalt is also used in the process of making diesel fuel.But you didn't challenge the oil companies on that. You're a hypocrite.

[@Jag-leaper]

@@carkawalakhatulistiwa China no doubt uses forced labor and unsafe environmental practices to make those lfp batteries regardless 😂 prove me wrong ...... Also the Cobalt you're referring to as of a completely different chemical composition that you clearly know nothing about in the process of making diesel fuel oil is cleaner get over it

[@Jag-leaper]

@@carkawalakhatulistiwa it takes 1 lb of cobalt to refine 80,000 gallons you blithering idiot

[@sam-r7w]

​@@Jag-leaperalso once these minerals are mined, they last the lifetime of the car and we can recycle them after. Whereas we have to keep pumping and pumping oil

[@tobybrown1179]

The older cars get sold to a lower socioeconomic class, not rocket science

[@AmerBoyo]

Oil?!?!? Are we still doing that?!?!? What is this? 1950?

[@chuekaothao6329]

China economy is not cooling, it's just switching more and more into EV, needing less gas/oil in the country.

[@jaja3359]

They used to do 10%+ growth every year, now theyre doing way less, so they are cooling down. Still growing, but cooling down

[@ghosthdel3098]

@@jaja3359 they are cooling because USA realise that china is going to defeat them soon. USA is in panic mode because if this continue other than their allies no one is going to use USD. Imagine no more printing as much as you like anymore

[@lance8080]

China is in a depression 🇨🇳

[@ZETA14.88]

@@jaja3359 3% of 20000USD > 10% of 1000USD.

[@tobybrown1179]

@@lance8080exactly and so is the rest of the world, they just change demographics as to show we are not….

[@contemplating1015]

Circa how many months late are the IEA on making this announcement?

[@cani006]

Thank you Norway❤

[@JohnDoe-wu4tt]

How does US oil output accord with their net zero commitment?

[@draker769]

but it accord with their billionaire commitment

[@allanwilmath8226]

It's doesn't, that's why Biden, Obama, and now Harris are bad for the environment. Obama did more damage to the environment than any world leader in the histroy mankind as a result of fracking which emits enormous amounts of methane directly in to the air. Turns out we don't have the technology to make a oil or gas well that doesn't leak methane and the industry doesn't even try to prevent leaks so all their infrastructure is leaking all of the time. From climate change to inccome inequality and protecting democracy the Bdien/Harris adminstration gets and F for failure.

[@jimmywang525]

wise conclusion:more than 50% new cars saled in China every month are Evs ,this is the key reason

[@anthonyhardy6144]

Aparently 40% of global shipping is moving fossil fuels, so as oil consumption reduces shipping demand reduces.

[@perrinpartee557]

If there’s anything the public consensus has gotten wrong, is that oil is dead. Demand will continue to grow. This slight weakness in demand is temporary, the world runs on crude.

[@FrostedGlyph]

How much longer will China attempt to hide their economic collapse caused by the pandemic and Evergrande? EVs and solar haven't grown enough to account for the drop in Chinese demand. Healthy economies are coming out of inflation, while China's deflation is only beginning.

[@crtteng]

Before the EV era, 60% of Chinese oil goes to cars. This year over 50% of new car sales in China are EVs, and that percentage is going up y2y. Many northern European nations’ new car sales are already 70-80% EVs; if China goes that route, that means in 10-15 years Chinese oil demand would be half of today’s.

[@FrostedGlyph]

@@crtteng Funny how that seamless transition happened right after Covid and Evergrande devastated their economy?

[@pipiqiqi4010]

everyone knows China's economy is downturn right now. the domestic consumption demand is at the lowest point since last decade, lots of people lost their jobs or are salary cutting. people are more and more confusing now.

[@jakobraahauge7299]

How horrible - that might help ghe environment, at this crucial point where hurting it is so politically popular!

[@joykennedy1368]

India buying shadow fleet oil from Russia and reselling it have an impact on this?

[@2531Prasad]

India, China and Turkey are Buying Russian Oil. To add to this India is also buying Venezuelan Oil and going to increase this going forward

[@PeterSedesse]

who cares if India is buying Russian oil. It takes 90 days for Russian oil to get to India, and another 90 days for India petrol products to get to Europe. that adds almost $25 onto the price, which means Russia is selling that oil to India very very cheap... probably as low as $45/barrel. People forget, the purpose of the sanctions was NOT to keep Russian oil off of the market, it was to keep Russia from making any profits from their oil. If world oil prices right now are $67 and Russia/India must double-ship all of their oil, then sanctions are working. People vastly underestimate how expensive it is to ship oil from Russia to India or china... that is a long long voyage.

[@Q_QQ_Q]

​@@PeterSedesse us, eu buying on premium.

[@emmanuelcadet3120]

​@@PeterSedesse sadly for you they did make profits, so...

[@jaja3359]

@@PeterSedesse Besides that people underestimate what the consequences would be if India didn't import this oil and use it/bring it into the global market. Supplies would be limited and prices would skyrocket

[@blueskyloo]

Production cuts coming

[@PeterSedesse]

by whom? Western Democracies like Canada, Brazil and the USA have no problem keeping prices down to $60 because it is still very profitable AND it creates positive reactions among voters. The only countries that could cut supply during falling prices are the dictators... so Saudi Arabia and Russia cut production, while the USA and western democracies just keep pumping more.... win win for us.

[@danielbenner7583]

OPEC+ has already done a number of production cuts over the last year.

[@blueskyloo]

@@danielbenner7583 more would b necessary to keep crude prices at levels where production reaches break even.

[@danielbenner7583]

@@blueskyloo I don’t think OPEC+ really has much power to effect global prices anymore. US has massive production, EU and China is switching to renewables at ever increasing rate (217 GW solar installed last year alone), EU and China populations declining, it’s all kind of a perfect maelstrom for decking oil demand.

[@blueskyloo]

@@danielbenner7583 true 👍

[@ShnNar1000x]

China is installing twice as much solar over the next year as the rest of the world combined. The amount of solar power/renewables it already has is enough to provide all of India's energy needs. It's about six years ahead of where it planned in the use of renewable energy. Might all of this affect how much oil it needs to run its economy?

[@peterbedford2610]

Seasonal? Petroleum alternatives having an effect? Either way, oil is far from dead

[@starventure]

Oil is far from dead, but funding of national budgets with it is almost dead. If any OPEC+ member tries to scalp the west again, they will look like Venezuela very quickly.

[@johnwayne-zy5cz]

China just buying mostly from Russia instead 😂

[@craig3949]

Russia is screwed. China has no friends 😂😂😂😂

[@charlenefrench5404]

@@craig3949 they have ports all over the world. We rely on them for almost everything....

[@12rmoreau]

And Saudi Arabia

[@shubhankardasgupta4777]

@@craig3949 China can "become" friend of India if they stop their escalation into our territory lands.

[@bouncingBrain]

@@craig3949 As usual in the West, you are neglecting Africa. 53 of the 54 African countries are getting zero tariff from China. NATO represents only 12% of world population.

[@justinmas299]

Don't worry, even if we go full carbon neutral we will still sell you all the oil you want.

[@LourdVicious]

Hate to see this described as a “warning” or “prediction.” It is simply a known and foreseeable outcome of increased supply (USA) and decreased demand (China). Econ 101.

[@scottpetty4568]

The relevant questions are what were the IEA's demand estimates over the last 5 years and how do those estimates align with the eventual observed realities.

[@milosnestorovic1594]

The Oil price is a Manipulation, complete manipulation....

[@lordkorner]

Yes, isn't this good news for most of us 😂

[@shakeypudding6563]

This is such garbage.

[@portalkey5283]

Good.

[@eXclusive1]

Economic downturn- hopefully cheaper fuel?

[@carkawalakhatulistiwa]

Actually no.Because production will decline more rapidly to prevent prices from falling.

[@HKim0072]

OPEC owes everyone an apology. Western forecasts like EIA / IEA were forecasting slower demand.

[@starventure]

OPEC forced the creation of the electric car thanks to their greed starting in 1973.

[@BrigetteWaltershield]

With recent crude prices swinging between highs of $90 and lows around $70, it's clear we're in a volatile phase. Investing in gold and crude this year could be smart due to ongoing geopolitical tensions and inflation. Diversifying with these assets can help hedge against economic uncertainties

[@twhelostl61]

China's demand is very weak. Summer travel, construction slows. The majors are commited to keep prices above costs. OPEC Nations are always at odds over production levels. When they speak of expectations it has different econ data which aligns all sorts of consumer behavior. Best to look at futures contracts for Brent and WTI for starters. The conflict in Ukraine also has affected Russian oil business.

[@MarkJensen-se8nn]

The IEA has a driven down bias towards hydrocarbons. The IEA is also completely full of sh!t. Regards =

[@samantha9313]

Industry closing down, people arent buying Recession😊

[@qake2021]

👌👏👏👏👏👏👍

[@hmm5784]

Hopefully the oil can be used for US industrial rebuild. Driving down energy cost at users end. Also the strategic oil supply needs to be replenished.

[@allanwilmath8226]

It costs about 70 dollars a barrel to produce oil using fracking, low oil prices will cause bankruptcies until there is an equilibrium. The US should be leading the change over from fossil fuels to the future which is renewable but backward people in this country are easily brainwashed by right wing media that China has now become the technology leader while the US doubles down on the past.

[@ScottTammy-p4w]

Schoen Walks

[@PalmerJodie-r5j]

Larson Land

[@aaronvallejo8220]

Let's escalate our transition to our renewably powered global economy 🌎.

[@lance8080]

Let’s stop buying crappy made Chinese imports 🇨🇳

[@MrKenng123]

Let's pray and sincerely hope that the world's economy will get a lot worse than now. Let's also hope that all economic indicators like GDP PMI unemployment rate, retail sales and consumer confidence will all be worse than expected.

[@Jag-leaper]

Yeas so that the world will change ❤

[@stfljy]

Bring Russian oil back！！

[@Buttersausage]

This comment section is flooded with wumaos lol

[@petername2608]

Wat happened to climate change

[@contemplating1015]

It's still there pal, as it always has been for billions and billions of years. Even before Homo Sapiens came about. Lots and lots of scientific data showing the glacier and interglacier periods. We are currently in an interglacier period where temperatures increase. They typically last thousands of years as per research to date. Climate change is a very natural occurence for planet Earth. We have sped up the temperature increase slightly more than historical data suggests. However, we still are circa bang in the middle of historical global temperature estimates. There is nothing happening now that has not happened before. The key concern is the isolated speed increase in global temperatures as a consequence of the industrial revolution and beyond. Global warming and cooling has always been a factor. The million dollar question is has the human influenced temperature increase of roughly 2-degree Fahrenheit caused irreversible damage or is the fact that global temperatures have been substantially higher before than they are now a part of the debate people choose to overlook. We are smack bang in the middle of scientifically estimated global temperatures. Fact versus perception rages on.🙏

[@lc3853]

War, war, war. Blonde ladies are scared.

[@lance8080]

China still contributing to all that 🇨🇳

[@lance8080]

China still contributing to all that 🇨🇳

[@pabloc.282]

What is China is not slowing, but they are just using more renewable energy?

[@lance8080]

China is broke their in a depression 🇨🇳

[@Jag-leaper]

What they are not reporting is for every ev sold 2-3 children die mining the materials for them