China’s Falling Diesel Demand Dampens Oil Outlook

The property sector crisis and the rise of LNG use in trucking have weighed on China’s diesel demand this year, dampening the prospects of oil demand growth in the world’s top crude importer, which has been a key driver of global demand growth for years. Diesel demand in China is particularly weak and analysts expect it to remain weak for the rest of the year. With slumping diesel demand and lackluster gasoline consumption, Chinese oil demand growth is expected to be just below 3% this year compared to 2023, according to analyst estimates…