Weak world economy curbing oil demand: IEA

14 Mar 2013 - {{hitsCtrl.values.hits}}

Global oil demand will be squeezed by weak economic growth this year, while soaring U.S. production gives consumers a perfect cushion to withstand most supply outages, the West’s energy agency said yesterday.

The International Energy Agency (IEA), which advises major consuming nations on energy policy, said worsening Chinese business sentiment, a European slowdown and the prospect of U.S. budget cuts would limit demand for oil worldwide.

“Together these three economic ‘hits’, affecting as they do the three largest economies and oil consumers, appear to further delay an elusive turnaround in global economic and in turn oil demand, growth,” the IEA said in its monthly oil market report.

The IEA said it was bearish on oil demand for 2013, trimming its forecast for oil demand growth by 20,000 barrels per day (bpd) to 820,000 bpd.

“The subdued growth rate of oil demand now looks increasingly entrenched in the face of high oil prices and weak economic growth,” it said.

Other

Weak world economy curbing oil demand: IEA

Most Popular Articles

Sri Lanka’s IMF reserve target comes under pressure: KPMG

Sri Lanka’s exports surpass US$9 billion in first half of 2026

Sri Lanka explores local gold refinery as IMF regulations delay import tax relief for jewellers

CSE ends lower as turnover falls to year’s lowest, ASPI holds key support

HMD introduces latest range of feature phones to Sri Lanka

CSE opens the week lower as broad-based selling offsets strong institutional activity

Latest News

Singer “Chili” fined for attempted assault on police officers

Sri Lanka’s exports surpass US$9 billion in first half of 2026

China ready to work with Sri Lanka to build strategic trust: Chinese Ambassador

Wildlife holiday bungalows to be upgraded

Toxic alcohol addiction changes brain chemistry: Psychotherapist