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The International Energy Agency said Iran's crude oil output had dropped from about 50,000 barrels a day in July to 2.23 million barrels a day, its lowest level ever. since the eighties.
The agency, in its report released Friday, announced a drop in Iranian oil exports of 130,000 barrels a day last July, reaching about 400,000 barrels a day.
Growing Signs of an Economic Slowdown and Escalation of the US-China Trade War Have Drifted Global Oil Demand Growth at the Slowest Rate since the 2008 Global Financial Crisis , said the IEA.
The agency said in its monthly report: "The situation is becoming more uncertain … The growth of global oil demand has been very slow in the first half of 2019."
Compared to the same month in 2018, world demand fell 160,000 barrels per day in May, marking the second drop in 2019.
From January to May, demand for oil rose by 520,000 barrels a day, the smallest increase since 2008.
"Prospects for a trade agreement between China and the United States have deteriorated, which could lead to a reduction in business activity and lower demand for oil," he said. said the agency.
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, noting that China was the only major source of growth 500,000 barrels a day in the first half of this year.
According to the news agency, growth in demand in the United States and India was only 100,000 b / d between January and June 2019.
"The outlook is fragile and the likelihood of a downward revision is greater than a revision," the report says.
Meanwhile, supply-side constraints imposed by the Organization of the Petroleum Exporting Countries (OPEC) and its allies have led to a scarcity of the market and are favored by a slowdown in non-OPEC production.
The IEA, however, believes that this balance will be temporary, as it anticipates strong growth in non-OPEC output by 2020, at 2.2 million barrels per day, and expects the global oil market to have "good supplies." ".
We thank you for subscribers and visitors of the Egyptian-Saudi website for trust and presence that have been transferred (we promise to provide all new and important information from all reliable sources of information) (Yemen Arabic: International Energy: Iran's oil exports drop by 400,000 barrels a day), the source is responsible for the news.
Source: Arab Yemen
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