Economics
IEA Sees Oil Demand Growth Defying Economic Slowdown
- Demand growth seen rising to 1.4 million barrels a day in 2019
- Still, ‘mood music in the global economy is not very cheerful’
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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.
“We have seen prices fall very significantly since the peak at the beginning of October, and that is providing some relief to consumers,” Neil Atkinson, head of the IEA’s oil industry and markets division, said in a Bloomberg television interview on Friday. Still, in its monthly report the agency acknowledged “the mood music in the global economy is not very cheerful” and the outlook could change.