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IEA warns global oil demand may suffer as crude nears $80

Reuters  |  LONDON 

By Amanda CooperLONDON (Reuters) - Global demand for oil is likely to moderate this year, as the price of crude nears $80 a barrel and many key importing nations no longer offer consumers generous fuel subsidies, the International Energy Agency said on Wednesday. The Paris-based IEA cut its forecast for global demand growth to 1.4 million barrels per day for 2018, from a previous estimate of 1.5 million bpd.Oil has risen 51 percent in the last year, driven by coordinated supply cuts and, this month, by concern over Iranian supply after the United States said it would reimpose sanctions on ...

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First Published: Wed, May 16 2018. 13:38 IST
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