IEA revising oil demand growth forecast down on slowing economy
Updated : July 19, 2019 09:18 AM IST
The IEA is revising its 2019 global oil demand growth forecast to 1.1 million barrels per day (bpd) and may cut it again if the global economy and especially China shows further weakness.
Last year, the IEA predicted that 2019 oil demand would grow by 1.5 million bpd but had cut the growth forecast to 1.2 million bpd in June this year.
Oil demand was hit by a trade war between the United States and China at a time when markets are awash with oil, due to rising US shale production.
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