IEA cuts 2019 estimate for oil demand growth on global economy worries

The outlook for oil demand growth in 2019 has dimmed due to worsening prospects for world trade, the International Energy Agency (IEA) said on Friday, although stimulus packages and developing countries should boost growth going into 2020.

The Paris-based IEA revised down its 2019 demand growth estimate by 100,000 barrels to 1.2 million barrels per day (bpd), but said it would climb to 1.4 million bpd for 2020.

"The main focus is on oil demand as economic sentiment weakens ... The consequences for oil demand are becoming apparent," the IEA said in its monthly oil report.