IEA trims oil demand outlook

The International Energy Agency on Wednesday trimmed its global oil demand growth prediction for this year and said there was increasing evidence that surging petroleum product prices were crimping demand.

The energy security watchdog for the 26-member Organisation for Economic Cooperation and Development also said in it latest monthly oil market report that “astonishing” growth in Asia and the Middle East had forced it to make hefty increases to its baseline demand levels over the last two years.

Fin24