Amid an abrupt deceleration in Chinese oil consumption, global demand growth is cooling sharply from the rates seen in recent years, which we have been projecting since our first forecast for 2024 was published in June 2023. World oil demand is on course to increase by 900 000 barrels per day (b/d), or 0.9%, in 2024 and 950 000 b/d next year, down from 2.1 million b/d, or 2.1%, in 2023. (Source: IEA)