IEA Sees Oil Demand Growth Defying Economic Slowdown, For Now - Bloomberg

IEA Sees Oil Demand Growth Defying Economic Slowdown, For Now - Bloomberg:

Global oil demand remains on course to be stronger this year than in 2018 as a boost from lower fuel prices counters slowing economic activity, according to the International Energy Agency.

After slumping in the fourth quarter, oil prices “will provide some stimulus to demand,” said the Paris-based agency, which advises most of the world’s major economies on energy policy. Still, as “the mood music in the global economy is not very cheerful,” it acknowledged the outlook could change.

Crude prices remain almost 30 percent below the four-year peak reached in October amid concerns over economic growth in China and the U.S., the world’s two biggest oil users, who remain locked in a trade dispute. To prevent markets tipping into oversupply, the OPEC cartel and its partners have announced substantial production cuts.