Time To Stop Looking to China for Oil Demand Growth

In its latest Oil Market Report, the International Energy Agency revised down its outlook on global oil demand. There was only one reason for this: slower Chinese demand growth. For years, China has been the single biggest driver of oil demand expansion as its economy grew in leaps and bounds. Now, this seems to be over. And the world’s biggest commodity market would need to adjust to a new reality. “With the steam seemingly running out of Chinese oil demand growth, and only modest increases or declines in most other countries, current…