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IEA warns oil demand growth so far in 2019 lowest since 2008

Published 09/08/2019, 09:00
© Reuters. IEA warns oil demand growth so far in 2019 lowest since 2008

LONDON, Aug 9 (Reuters) - Mounting signs of an economic
slowdown and a ramping up of the U.S.-China trade war have
caused global oil demand to grow at its slowest pace since the
financial crisis of 2008, the International Energy Agency (IEA)
said on Friday.
"The situation is becoming even more uncertain ... global
oil demand growth has been very sluggish in the first half of
2019," the IEA said in its monthly report.
The Paris-based agency said that compared with the same
month in 2018, global demand fell by 160,000 barrels per day
(bpd) in May - the second year-on-year fall of 2019.
From January to May, oil demand increased by 520,000 bpd,
marking the lowest rise for that period since 2008.
"The prospects for a political agreement between China and
the United States on trade have worsened. This could lead to
reduced trade activity and less oil demand growth," the IEA
said.


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