The International Energy Agency (IEA) expects oil demand growth for 2019 to be the weakest since 2016. following evidence of a slowdown in several major consuming regions and countries. including Europe. India. Japan. Korea and the United States.
The Paris-based body reduced its estimates for 2019 by 65.000 barrels per day (bpd). and also for 2020 by 105.000 bpd to 1.2 million bpd.
The IEA had cut its demand growth figures for the year but kept it unchanged for next year.
Global oil supply slid by 1.5 million bpd in September to 99.3 million bpd after attacks on
Saudi oil facilities that temporarily halved the kingdom’s production. IEA said in its monthly report.