According to today’s oil price website September 27th, IEA, executive director of the International Energy Agency (the International Energy Agency), said on Friday that if the global economy deteriorates further, IEA may again reduce its oil demand growth forecast for the next two years.
“It will depend on the global economy,” bill Rohr said at a forum in South Korea. If there are already signs that the global economy is weakening, then we may lower our expectations for oil demand.
IEA and many other organizations and analysts, including OPEC, have lowered their oil demand growth expectations several times this year because of signs of a slowdown in global economic growth.
The IEA’s latest drop in oil demand growth was in its August oil market report, in which it cut its forecast by 100,000 barrels per day to 1.1 million barrels per day between January and May, at a growth rate of only 520,000 barrels per day. This is the lowest increase since 2008. IEA also lowered its forecast for oil demand growth in 2020 by 50,000 barrels per day to 1.3 million barrels per day in August.
In its latest oil market report released in September, the IEA maintained its forecast for August, with oil demand expected to grow by 1.1 million barrels a day this year and 1.3 million barrels a day next year.