The International Energy Agency (IEA) has stated in a report released on Wednesday May 15 201 that oild demand growth estimates between 2018 and 2019 has been cut.
The 2018 oil demand has undergone a revision and tere is a downward slope by 70,000 barrels per day (kb/d) to 1.2 million barrels per day (mb/d), while the forecast for this year is cut by 90 kb/d to 1.3 mb/d as indicated by the IEA.
The report read, “The changes reflect lower-than-expected 2018 data in large consuming nations such as Egypt, India, Indonesia and Nigeria”.
It further indicated that early data for this year showed demand in Brazil, China and Japan as below the agency’s estimates.
The estimates come amid global worries over the U.S.-China trade war and increased tensions in the Middle East, but are attributable to a range of factors specific to individual markets.