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LONDON, Sept. 13 (Reuters) – World oil consumption will reach 100 million barrels a day over the next three months, which will put pressure on prices, but emerging market crises and trade disputes could slow down Thursday.
The Paris-based IEA has maintained its forecast of strong global oil demand growth this year at 1.4 million barrels per day (bpd) and another 1.5 million barrels per day in 2019 , unchanged from previous forecasts.
"Things are tightening," said the agency in its monthly report. "The Brent price range of $ 70 to $ 80 per barrel in place since April could be tested."
The imposition of US sanctions on the Iranian energy sector has already reduced supply to two-year low levels, while the decline in Venezuelan production due to the economic crisis
World demand will peak at 100.3 million bpd in the last quarter of this year, before stabilizing at 99.3 million bpd in the first quarter of next year, the agency said.
"By 2019, some emerging economies may be a risk to our forecasts, partly because of the depreciation of the currency against the US dollar, which increases the cost of imported energy. In addition, the escalation of trade disputes poses a risk to growth, "the agency said. (Report by Amanda Cooper, edited by Jason Neely)
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