The International Energy Agency predicts that global oil demand growth will slow down this year.

The International Energy Agency released its monthly oil market report on the 15th, stating that due to economic downturn and record high sales of electric vehicles, the global growth rate of oil demand for the remainder of the year is expected to slow to an average of 650,000 barrels per day, lower than the first quarter average of 990,000 barrels per day. The report pointed out that signs of a slowdown in global oil demand growth may already be evident and will be closely monitored. However, the agency also stated that with rising economic expectations and falling oil prices supporting consumption, it is expected that the average growth rate of global oil demand for the year will be 740,000 barrels per day, compared to the average growth rate of 760,000 barrels per day for global oil demand in 2026, both slightly higher than the previous month's estimate.