China (lack of) oil demand growth is helping to slam crude

Justin had the info from the International Energy Agency (IEA) here:

• the oil market is faced with a sizeable surplus in the new year

Eyes are on China, and slow growth in demand:

• Chinese oil demand remains below expectations
• China is expected to account for about 20% of global growth in 2024 and 2025, compared with nearly 70% in 2023,

The IEA add that maybe it’ll improve:

• “Recently announced government stimulus packages for the economy are expected to support the resumption of an upward trajectory, but the overall impact is likely to be limited and we anticipate any increase in oil demand will be overwhelmingly dependent on growth in petrochemical feedstock products”

Old pic:

This article was written by Eamonn Sheridan at www.forexlive.com.