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77% Informative
ICE Brent futures, a key indicator of global oil prices, fell by $ 10 per barrel in early September , reaching around $70 per barrel — the lowest since late 2021 .
This steep decline follows April 's peak of $ 90 per barrel, reflecting both oversupply concerns and tepid demand.
China ’s oil consumption has decreased for four consecutive months , contrasting sharply with the robust one million barrels per day growth seen in the prior year .
Meanwhile, global oil supply saw modest growth, with output from countries like Guyana and Brazil helping to offset disruptions in Libya and Norway .
China ’s oil demand is now expected to grow by just 180,000 bpd in 2024 , as economic challenges and the rise of electric vehicles dampen its oil needs.
India 's oil consumption, in contrast, is expected to see the largest global increase in 2024 .
This follows India 's status as the top buyer of Russian oil, surpassing China in July 2023 .
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