Oil demand will rise more slowly than expected next year as economic growth falters, pushing up stockpiles of fuel worldwide and offering some relief to consumers facing high prices.
The West’s energy watchdog, the International Energy Agency (IEA), said on Friday it had cut its estimates of oil use worldwide for several years, trimming its 2013 demand forecast by 400,000 barrels per day (bpd) in the light of a “worrying slowdown” in global economic activity.
“Lower economic growth is feeding through to slower oil demand all round,” said David Fyfe, head of the IEA’s markets division. “Global inventories have risen, and the oil market looks comfortably supplied.”
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