Oil demand growth estimates for both 2018 and 2019 have been cut, the International Energy Agency revealed in its latest report issued Wednesday.
Last year’s oil demand growth estimate has been revised downward by 70,000 barrels per day (kb/d) to 1.2 million barrels per day (mb/d), while the forecast for this year is cut by 90 kb/d to 1.3 mb/d, the IEA said.
The estimates come amid global worries over the U.S.-China trade war and increased tensions in the Middle East, but are attributable to a range of factors specific to individual markets.
“The changes reflect lower-than-expected 2018 data in large consuming nations such as Egypt, India, Indonesia and Nigeria,” the report said, adding that early data for this year showed demand in Brazil, China and Japan as below the agency’s estimates.
Latest Stories
-
Joy FM holds 2024 Prayer Summit for Peace
3 mins -
Lady sues Police and AG over assault in custody
1 hour -
Ghana’s railway sector has been revived under my leadership – Akufo-Addo
2 hours -
Next government must enforce C190 – Women Economic Dialogue Forum
2 hours -
NCCE engages party youth activists at Nandom on peaceful election
2 hours -
SSNIT engages stakeholders on its operations
2 hours -
Defilement: 19-year-old farmer jailed ten years, with hard labour
2 hours -
Bawumia to inaugurate new headquarters of Lands Commission on November 25
2 hours -
Sylvester Tetteh denies demolishing GBC staff bungalow
2 hours -
Signing of peace pact by presidential candidates slated for November 28
2 hours -
Akufo-Addo reiterates commitment to free and fair elections
2 hours -
Climate change impact poses threat to Ghana’s financial stability – BoG Governor
2 hours -
Ursula Owusu-Ekuful assures of leading NPP to victory in Ablekuma West
2 hours -
Akufo-Addo urges armed forces to maintain neutrality, professionalism
2 hours -
Driver jailed 15 years for robbery
2 hours