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IEA Sees Oil Demand Growth Defying Economic Slowdown

Bloomberg, January 22, 2019

Global oil demand remains on course to be stronger this year than in 2018 as a boost from lower fuel prices counters slowing economic activity, according to the International Energy Agency.

The IEA and OPEC's forecasts for 2019 oil demand growth have held steady in recent months despite signs of an economic slowdown. Oil consumption will expand by 1.4 million barrels a day -- about 1.4 percent -- in 2019, slightly higher than last year’s expansion of 1.3 million, according to the Paris-based IEA, which advises most of the world’s major economies on energy policy.

Our expectation for slightly faster global demand growth in 2019 is maintained even though economic growth is likely to be slower than in 2018,” the agency said. “The impact of higher oil prices in 2018 is fading, which will help offset lower economic growth.

Click here to read the full article from Bloomberg.


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