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10/11, 10:35 AM (Source: TeleTrader)
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IEA reduces oil demand growth outlook for 2019, 2020

The International Energy Agency (IEA) stated on Friday that its global demand growth forecasts for the current and next year are both cut by 0.1 mb/d, to stand at 1 mb/d and 1.2 mb/d, respectively.

When it comes to global oil supply, IEA said that it dropped by 1.5 mb/d in September to 99.3 mb/d, following the drone attacks on Saudi Arabia's oil facilities. Stock draws are expected in the fourth quarter of this year, even though the rest of OPEC provided a steady supply.

On a yearly basis, global oil demand increased by 0.8 mb/d in July and 1.4 mb/d in August.

Breaking the News / MS