Oil Demand Growth Slows as Economy Eases

Weakening economic growth and inflated fuel costs slowed oil demand growth in the world’s biggest energy importing regions in the first quarter, the International Energy Agency said on Wednesday.

Incremental demand in China, Europe and the United States was less than expected for the quarter, said the IEA, adviser on energy to 26 industrialised nations, in its monthly Oil Market Report.

“The data we have certainly seems to show some impact on demand,” said Lawrence Eagles, head of the IEA’s oil market division. “Prices are one of many factors that affect demand but economic growth is a far more powerful factor.”
Reuters