International Energy Agency lowers growth forecast in global oil demand

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 favourable economic outlook.

The estimated growth in global demand has been reduced by 110,000 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.