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WASHINGTON (Reuters) – Growing signs of an economic slowdown and escalating trade war between the US and China have resulted in growth in global oil demand at a slower pace since the crisis World Financial Report of 2008, announced Friday the International Energy Agency.
The growth of global oil demand has been very slow in the first half of 2019, said the IEA in its monthly report.
Global demand
Compared with the same month of 2018, world demand fell by 160,000 barrels per day in May, a second drop in 2019. In January-May, demand for oil increased by 520,000 barrels a day, announced the agency based in Paris. The smallest increase since 2008.
Million barrels
The agency lowered its global demand growth forecast for 2019 and 2020 to 1.1 million barrels per day and 1.3 million barrels per day respectively, and the report noted that at the first In the first half of 2019, demand for oil rose by 600,000 barrels a day, thanks to China's 500,000 barrels a day. Then India and the United States.
He pointed out that demand in the United States and India has only increased by 100,000 b / d between January and June. "The prospects are fragile with the possibility of a revision lower than a revision," says the report. However, the IEA said the balance would be temporary, as it expects strong growth in non-OPEC output in 2020 to 2.2 million bpd.
Economic concerns
The International Energy Agency (IEA) notes that economic concerns dominate geopolitical factors, but that the oil market still closely follows tensions between the United States and Iran in the Gulf .
On July 23, the International Monetary Fund (IMF) declared that global economic growth in 2019 would decrease by 0.1% from April's forecast, reaching 3.2%, and reduce global economic growth forecasts in 2020 from 0.1% to 3.5%.
Forecast growth of global oil demand
– 2019: 1.1 million barrels a day
– 2020: 1.3 million barrels a day
– China is a big source of growth of 500,000 barrels a day in the first half of 2019
He pointed out that demand in the United States and India has only increased by 100,000 b / d between January and June. "The outlook is fragile and the likelihood of a downward revision is greater than an upward revision," the report says.
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The growth of global oil demand has been very slow in the first half of 2019, said the IEA in its monthly report.
Global demand
Compared with the same month of 2018, world demand fell by 160,000 barrels per day in May, a second drop in 2019. In January-May, demand for oil increased by 520,000 barrels a day, announced the agency based in Paris. The smallest increase since 2008.
Million barrels
The agency lowered its global demand growth forecast for 2019 and 2020 to 1.1 million barrels per day and 1.3 million barrels per day respectively, and the report noted that at the first In the first half of 2019, demand for oil rose by 600,000 barrels a day, thanks to China's 500,000 barrels a day. Then India and the United States.
He pointed out that demand in the United States and India has only increased by 100,000 b / d between January and June. "The prospects are fragile with the possibility of a revision lower than a revision," says the report. However, the IEA said the balance would be temporary, as it expects strong growth in non-OPEC output in 2020 to 2.2 million bpd.
Economic concerns
The International Energy Agency (IEA) notes that economic concerns dominate geopolitical factors, but that the oil market still closely follows tensions between the United States and Iran in the Gulf .
On July 23, the International Monetary Fund (IMF) declared that global economic growth in 2019 would decrease by 0.1% from April's forecast, reaching 3.2%, and reduce global economic growth forecasts in 2020 from 0.1% to 3.5%.
Forecast growth of global oil demand
– 2019: 1.1 million barrels a day
– 2020: 1.3 million barrels a day
– China is a big source of growth of 500,000 barrels a day in the first half of 2019
He pointed out that demand in the United States and India has only increased by 100,000 b / d between January and June. "The outlook is fragile and the likelihood of a downward revision is greater than an upward revision," the report says.
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