IEA lowers its growth forecast in oil demand for 2018, 2019

Paris: The International Energy Agency on Friday revised lower its growth forecast in global oil demand for 2018 and 2019, citing high prices, trade tensions and a less favorable economic outlook.

The estimated growth in global demand has been reduced by 1,10,000 barrels per day for each of the two years. This growth is expected to be 1.3 million bpd this year, then 1.4 million bpd in 2019.