China’s oil demand growth to cool in 2024 as recovery fades

The world’s top crude importer will consume an additional 500,000 barrels a day next year, less than a third of the increase in 2023. — Bloomberg

BEIJING: China will see oil demand growth slowing next year, casting a pall over an already disappointing global picture for 2024, as the impact of pent-up appetite for travel and consumption following a three-year pandemic begins to fade away.

The world’s top crude importer will consume an additional 500,000 barrels a day next year, according to the median of estimates from 12 industry consultants and analysts surveyed by Bloomberg – less than a third of the increase in 2023.