IEA may trim world oil demand further

LONDON (Reuters) – World oil demand is shrinking more quickly than first thought due to weak consumption in some major consuming countries, the International Energy Agency’s head said on Monday.

The IEA may cut its forecast for world oil demand growth further, said Nobuo Tanaka, executive director of the agency which advises 27 industrialised countries, during the Reuters Energy Summit.


He also conceded that a forecast of around 100 million barrels per day (bpd) for oil supply in 2030 was “more reasonable” than a higher IEA estimate which some industry officials doubt can be achieved.

“We are saying that we may see a further demand slowdown for the June report,” Tanaka said. “How much, I don’t know.”

“We think yes the demand is slowing, especially in OECD countries.”

Guardian