IEA, EIA Forecasts: Gloom Over Oil Demand Will Only Get Worse - Bloomberg:
As I warned last week, oil demand growth is drying up and it’s not over yet. Two of the major oil agencies have just cut their forecasts for incremental demand this year, but they haven’t gone far enough.
The revisions to full-year oil demand growth by the International Energy Agency (IEA) and the U.S. Energy Information Administration (EIA) were almost small enough to be shrugged off. The real worry is in the detail.
On Tuesday the EIA, part of the U.S. Department of Energy, cut its 2019 oil demand growth forecast to 1.01 million barrels a day. That was down by 60,000 barrels a day from the previous month’s view – a tiny revision in a 100-million barrel market. Then on Friday the Paris-based IEA cut its forecast to 1.08 million barrels a day from the 1.18 million it predicted in July. That, too, could be dismissed as another minor tweak.
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