The International Energy Agency (IEA) revised downwards its forecast for global oil demand growth in 2018 and 2019 to 1.3 million barrels per day (mb/d) and 1.4 million barrels per day, respectively, according to the agency's report published Friday.
MOSCOW (Pakistan Point News / Sputnik - 12th October, 2018) The International Energy Agency (IEA) revised downwards its forecast for global oil demand growth in 2018 and 2019 to 1.3 million barrels per day (mb/d) and 1.4 million barrels per day, respectively, according to the agency's report published Friday.
"The forecast for demand growth in 2018 and 2019 has been reduced for both years by 110 kb/d to 1.3 mb/d and 1.4 mb/d, respectively. This is due to a weaker economic outlook, trade concerns, higher oil prices and a revision to Chinese data," the document read.
