The outlook for oil demand growth in 2019 has dimmed due to worsening prospects ...
LONDON - The outlook for oil demand growth in 2019 has dimmed due to worsening prospects for world trade, the International Energy Agency said on Friday, although stimulus packages and developing countries should boost growth going into 2020.
The Paris-based IEA, which coordinates the energy policies of industrial nations, revised down its 2019 demand growth estimate by 100,000 barrels to 1.2 million barrels per day , but said it would climb to 1.4 million bpd for 2020. The IEA also attributed lackluster demand growth in the first half of the year to a slowdown in the petrochemicals industry in Europe, warmer than average weather in the northern hemisphere and stalled U.S. gasoline and diesel demand.
“Stimulus packages are likely to support growth in the short term. In addition, the major central banks have stopped or slowed interest rate increases, which should support growth in 2H19 and 2020,” the IEA wrote.
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