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Oil Divergence The IEA expects oil demand growth to slow

2019-08-09 08:33 am | Resource: News | No Views : 49

 Oil Divergence The IEA expects oil demand growth to slow

Oil prices rose on Friday as expectations of further OPEC production cuts provided some support, although concerns over the long-standing US-China trade dispute kept gains.

Energy Minister: UAE will continue to support measures that help balance the oil market

Meanwhile, UAE Minister of Energy and Industry Suhail Al Mazrouei said the UAE will continue to support measures that help balance the oil market. Mazrouei added through his official account on the "Twitter", saying: "I am confident that our partners in the organization" OPEC "and its non-member allies will take a similar position." He stressed that the UAE continues its commitment to the OPEC agreement and non-OPEC countries, which have achieved greater balance in the market and helped stabilize global markets.

The International Energy Agency expects oil demand growth to slow

In other news, the International Energy Agency (IEA) said on Friday it expected global oil demand to reach 1.1 million barrels per day this year, adjusting the figure from a previous forecast of 1.2 million barrels per day until the end of the year. Oil demand for 2020 is expected to reach 1.3 million barrels per day (bpd), with forecasts revised to 50,000 bpd.

The International Energy Agency said the chances of a trade deal between the United States and China have worsened over the past few months, adding that "growing evidence of the economic slowdown" has emerged. The institute added that the relationship between the United States and China could lead to a decline in world trade, which means that the demand for oil will decline, and pointed out that "the situation has become more uncertain."

Moreover, the International Energy Agency said further downward revisions may be needed so that the International Monetary Fund (IMF) revised its global economic outlook down in April to 3.3% for 2019.

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