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NEW YORK — Global jet fuel demand is poised to soften as a slowdown in consumer spending hits travel budgets, a shift that could weigh on oil prices in the months ahead.Global oil demand has not met expectations in the first half of 2024 due to weaker-than-forecast consumption in the US and China, the top two oil markets.Jet fuel makes up about 7% of global oil demand and was widely expected to be a pillar of growth this year as travel continued to rebound from the pandemic.
This week, the Organization of the Petroleum Exporting Countries cut its 2024 oil demand forecast for the first time since it was issued in July 2023, while the IEA trimmed its 2025 estimate. Both cited weaker-than-expected economic growth in China and elsewhere among the reasons for the downgrade.A global tech outage that grounded scores of flights for a few days in July has also impacted jet fuel demand.
Oil Production International Energy Agency Opec
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