IEA sees oil demand growth falling to lowest level in years as global economy stalls


IEA sees oil demand growth falling to lowest level in years as global economy stalls

The International Energy Agency (IEA) slashed its estimate for global oil demand growth for the second consecutive month on Friday, citing intensifying trade concerns amid fears of a global recession.

The energy agency’s closely-watched report comes as world oil markets have undertaken a dramatic shift in recent months, switching from supply-side risks like OPEC’s output cuts or U.S. sanctions against Iran and Venezuela to worries about deteriorating demand growth.

Crude futures have turned a 45% price rally in the first four months of 2019 into a fall of more than 15% since the start of April. Read More

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