IEA Slashes Oil Demand Growth Forecast as Trade Wars Escalate

Global oil demand is expected to grow by just 730,000 barrels per day (bpd) this year amid escalating trade tensions, the International Energy Agency (IEA) said on Tuesday, slashing the previous month’s growth forecast by 300,000 bpd. Escalating trade tensions have negatively impacted the economic outlook, the IEA said today in its Oil Market Report (OMR) for April, and sees further slowdown in demand growth next year, when consumption is now forecast to increase by only 690,000 bpd. Risks to the forecast “remain rife given the fast-moving…