Weaker-than-expected oil consumption in China and rising electric vehicle sales will continue to weigh on the world’s oil demand growth going forward, according to the head of the International Energy Agency (IEA). “This year, global oil demand is very weak, much weaker than previous years, and we expect this will continue because of one word — China,” the IEA’s Executive Director, Fatih Birol, told Bloomberg in an interview on Monday. Currently, the world enjoys ample crude oil supply and spare oil production capacity,…
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