IEA low­ers de­mand fore­cast for oil

Mint ST - - MARK TO MARKET -

Higher prices and rel­a­tively mild early win­ter tem­per­a­tures con­trib­uted to a down­ward re­vi­sion to de­mand fore­cast, said the In­ter­na­tional En­ergy Agency (IEA) in its lat­est Oil Mar­ket Re­port. IEA has cut de­mand growth by 0.1 mil­lion bar­rels per day (mb/d) for this year and the next. “We now see in­creases of 1.5 mb/d in 2017 (or 1.6%), to 97.7 mb/d, and 1.3 mb/d in 2018 (or 1.3%) to 98.9 mb/d,” it said, adding that new and re­vised data con­firmed a slow­down in world de­mand growth to +1.3 mb/d in the Septem­ber quar­ter. The slow­down re­flects rel­a­tively weak re­cent data and the im­pact of hur­ri­canes Har­vey and Irma on US oil de­mand, said IEA. Growth is ex­pected to ac­cel­er­ate to +1.4 mb/d in the De­cem­ber quar­ter even as mild tem­per­a­tures and ris­ing prices will re­strain de­mand.

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