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The Energy Agency cuts its forecast for oil demand as the price approaches $ 80

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rocky
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The Energy Agency cuts its forecast for oil demand as the price approaches $ 80

Post by rocky on Wed 16 May 2018, 8:08 am

[ltr]The Energy Agency cuts its forecast for oil demand as the price approaches $ 80[/ltr]
[ltr]Economie[/ltr]
 Since 2018-05-16 at 12:07 (Baghdad time)
[ltr][/ltr]
[ltr]The world's oil demand is likely to slow this year as the price of crude approaches $ 80 a barrel and many major importing countries have stopped providing generous fuel subsidies to their consumers, the International Energy Agency said on Wednesday.[/ltr]

[ltr]The Paris-based agency lowered its forecast for global demand growth to 1.4 million bpd in 2018 from a previous estimate of 1.5 million bpd.[/ltr]

[ltr]Oil rose 51 percent last year, driven by coordinated supply cuts and concerns this month over Iran's supply after the United States said it would re-impose sanctions on Tehran over its nuclear activities.[/ltr]

[ltr]"It would be extraordinary if such a big jump does not affect demand growth, especially as the end-user support has been cut or cut in several emerging economies in recent years," the agency said.[/ltr]

[ltr]Oil stocks in the world's richest countries, the most transparent and easiest in terms of monitoring, have fallen by 1 million barrels over the five-year average targeted by the Organization of the Petroleum Exporting Countries and its partners as the group curbs second-year crude production.[/ltr]

[ltr]"At the moment, the rapidly changing geopolitical landscape will divert attention from stocks as producers and consumers go back to studying ways to reduce volatility in the oil market," the agency said.[/ltr]

[ltr]"For its part, the International Energy Agency will closely monitor developments and stand ready to act if necessary to ensure that markets continue to receive good supplies." Finished[/ltr]


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    Current date/time is Mon 20 Aug 2018, 3:58 pm