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IEA cuts oil need outlook for 2019


Oil need expansion estimates for the two 2018 and 2019 have been minimize, the Global Electricity Agency exposed in its hottest report issued Wednesday.

Last year’s oil demand development estimate has been revised downward by 70,000 barrels per working day (kb/d) to 1.2 million barrels per day (mb/d), while the forecast for this 12 months is reduce by 90 kb/d to 1.3 mb/d, the IEA said.

The estimates come amid worldwide worries more than the U.S.-China trade war and enhanced tensions in the Middle East, but are attributable to a assortment of components particular to individual marketplaces.

“The improvements mirror reduced-than-anticipated 2018 information in big consuming nations these as Egypt, India, Indonesia and Nigeria,” the report mentioned, adding that early facts for this yr showed demand from customers in Brazil, China and Japan as below the agency’s estimates.


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