Tags: Oil | Demand | Crude | Growth

Oil Demand Growth Seen Slowing for a Second Year

Oil Demand Growth Seen Slowing for a Second Year
(DreamsTime)

Thursday, 13 April 2017 10:09 AM

The International Energy Agency expects growth in the global demand for crude oil to slow for a second consecutive year in 2017.

The Paris-based agency expects growth of 1.3 million barrels a day this year, compared with 1.4 million barrels previously forecast, due to stalled demand in the U.S., Middle East, Russia and India.

In its monthly report released Thursday, the IEA, a body that advises major oil-consuming nations, says production will grow this year, even when considering pledges by OPEC countries to limit output.

The combination of factors could keep a lid on oil prices, which have risen in the past six months after a three-year slump. On Thursday, the international benchmark for crude oil was up 2 cents at $55.88 a barrel.

© Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Markets
The International Energy Agency expects growth in the global demand for crude oil to slow for a second consecutive year in 2017.
Oil, Demand, Crude, Growth
124
2017-09-13
Thursday, 13 April 2017 10:09 AM
Newsmax Media, Inc.
 
Newsmax TV Live
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved