IEA lowers oil demand forecast, citing global economic worries
The International Energy Agency lowered its oil CL.1, +0.51% demand forecast, citing weaker prospects for the global economy. Its new forecast lowers 2019 demand growth by 100,000 barrels a day to 1.1 million barrels a day, and its 2020 forecast was lowered by 50,000 barrels a day to 1.
3 million barrels a day. The IEA said new data show downward revisions to oil demand figures from India, Saudi Arabia, Korea and several European countries, and preliminary U.S. data show lower demand for motor fuels at the start of peak driving season. On the upside, Chinese oil demand was revised upwards.
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