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An offshore oil platform.
Cavan Images | Cavan | Getty Images
Estimates of growth in oil demand for 2018 and 2019 have been reduced, the International Energy Agency said in its latest report released on Wednesday.
The estimate of last year's oil demand growth has been revised downward from 70,000 barrels per day (kb / d) to 1.2 million barrels per day (mb / d) ), while forecasts for this year are reduced from 90 kb / d to 1.3 mb / d, said the IEA.
Estimates come amidst global concerns over the US-China trade war and increased tensions in the Middle East, but are attributable to a series of market-specific factors.
"The changes reflect lower 2018 data than expected in major consumer countries such as Egypt, India, Indonesia and Nigeria," the report says, adding that the first data from this year indicated that demand in Brazil, China and Japan was below the agency's estimates. .
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