Oil demand growth estimates the slowest since 2009, IEA says
ecPulse
2014-10-14 11:27AM UTC
The International Energy Agency (IEA) trimmed 2014 oil demand growth forecast to its slowest in five years on Tuesday. In its monthly oil market report, the IEA cut its forecast for the amount of expected oil demand this year by 200,000 barrels per day to only 700,000 barrels per day. Global oil prices have been sinking since June amid worries over slowed demand from weaker global economic growth, with oil supplies notably rising at the same time. The IEA said however the fall in demand growth may have hit its bottom. The global energy watchdog is expecting demand will rise next year, and could hit 1.1 million barrels per day. Also, the IEA noted that the surplus in oil could prove to be more significant in sustaining the weakness in the market. The IEA said output from the Organization of the Petroleum Exporting Countries (OPEC) rose to a 13-month higher of 30.7 million barrels a day last month. The rising rift between OPEC’s members amid the continuous increase in production indicates that the group is unlikely to settle on an output decrease when they meet in Vienna in November. Brent crude prices hit their lowest in four years this week, while U.S. crude oil hit its lowest in over two years. Oil prices are expected to continue going lower before the world’s major producers start curbing their output.
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