As for this 12 months itself, the company is protecting their demand progress forecast largely regular at 970k bpd. IEA notes that the post-pandemic rebound in Chinese language consumption has now run its course. And whereas China has accounted for roughly 70% of worldwide demand good points final 12 months, it’s only holding a share of round 40% for this 12 months and subsequent.
Apart from that, IEA notes that subpar financial progress, better efficiencies and automobile electrification to proceed to weigh on demand in 2024 and 2025.
