Logo ofThe International Energy Agency (IEA)
The International Energy Agency (IEA) on Tuesday sharply cut its forecast for the growth in global oil demand this year due to escalating trade tensions, a day after OPEC did the same. 
The IEA now expects global oil demand to grow by 726,000 barrels per day (bpd), down from its previous expectations of 1.03 million bpd, bringing the average to 103.5 million bpd. For next year, the IEA anticipates a further growth slowdown to 692,000 bpd.
The deteriorating outlook for the global economy amid the sudden sharp escalation in trade tensions in early April has prompted a downgrade to the forecast for oil demand growth this year, the IEA said in a monthly report published on Tuesday.
The agency added that with arduous trade negotiations expected to take place during the coming 90-day reprieve on tariffs and possibly beyond, oil markets are in for a bumpy ride, and considerable uncertainties hang over our forecasts for this year and next, or beyond.
Logo ofThe International Energy Agency (IEA)
The International Energy Agency (IEA) on Tuesday sharply cut its forecast for the growth in global oil demand this year due to escalating trade tensions, a day after OPEC did the same.
The IEA now expects global oil demand to grow by 726,000 barrels per day (bpd), down from its previous expectations of 1.03 million bpd, bringing the average to 103.5 million bpd. For next year, the IEA anticipates a further growth slowdown to 692,000 bpd.
The deteriorating outlook for the global economy amid the sudden sharp escalation in trade tensions in early April has prompted a downgrade to the forecast for oil demand growth this year, the IEA said in a monthly report published on Tuesday.
The agency added that with arduous trade negotiations expected to take place during the coming 90-day reprieve on tariffs and possibly beyond, oil markets are in for a bumpy ride, and considerable uncertainties hang over our forecasts for this year and next, or beyond.
