An offshore oil platform.
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Oil demand growth estimates for both 2018 and 2019 have been cut, the International Energy Agency revealed in its latest report issued Wednesday.
Last year’s oil demand growth estimate has been revised downward 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, the IEA said.
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.
“The changes reflect lower-than-expected 2018 data in large consuming nations such as Egypt, India, Indonesia and Nigeria,” the report said, adding that early data for this year showed demand in Brazil, China and Japan as below the agency’s estimates.