IEA reduces oil demand growth outlook for 2019, 2020

Friday, 11. October 2019 10:35

The International Energy Agency (IEA) stated on Friday that its global demand growth forecasts for the current and next year are both cut by 0.1 mb/d, to stand at 1 mb/d and 1.2 mb/d, respectively.

When it comes to global oil supply, IEA said that it dropped by 1.5 mb/d in September to 99.3 mb/d, following the drone attacks on Saudi Arabia's oil facilities. Stock draws are expected in the fourth quarter of this year, even though the rest of OPEC provided a steady supply.

On a yearly basis, global oil demand increased by 0.8 mb/d in July and 1.4 mb/d in August.

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Breaking the News / MS