Faltering economic growth will undercut global oil demand this year and next, the International Energy Agency said on Friday, citing slowdowns in China and the United States in particular.
“Sluggish economic growth could restrict annual oil demand growth to 0.9 million barrels per day in 2012 and 0.8 mbpd in 2013, with demand averaging 89.6 mbpd and 90.5 mbpd,” down from last month’s estimates of 89.9 mbpd and 90.9 mbpd, respectively, the IEA said in its latest Oil Market Report.
The IEA highlighted slower demand in the United States and China, which together account for a third of the global market, while technical changes in its calculations also cut its 2012 forecast by 0.25 mbpd.
No comments:
Post a Comment