IEA expects oil demand growth to slow down … TELETRADER
IEA expects oil demand growth to slow down
The International Energy Agency (IEA) said on Friday that it expects global oil demand to hit 1.1 million barrels per day this year, revising the figure from the previous forecast which saw demand at 1.2 million
barrels per day until the end of the year.
Oil demand for 2020 is forecast at 1.3 million barrels per day as the forecast was revised down by 50,000 barrels per day.
The IEA said that chances the United States and China reach a trade deal have worsened over the past few months and added that “growing evidence of an economic slowdown” has emerged.
The relationship between the US and China could result in less global trade, meaning oil demand will decline, the institute added, and pointed out that “the situation is becoming more uncertain.”
Furthermore, IEA stated that further downward revisions may be needed as even the International Monetary Fund (IMF) revised its global economic outlook downward in April to 3.3% for 2019.