IEA Cuts Oil-Demand Outlook as Economy Eclipses Saudi Attack

Oil Climbs to $60 as Iran Tanker Attack Reignites Mideast Risk
October 11, 2019
energy
Domestic energy producers, the Middle East and Israel
October 28, 2019

IEA Cuts Oil-Demand Outlook as Economy Eclipses Saudi Attack

Oil

The International Energy Agency cut forecasts for growth in global oil demand, noting that fears of an economic slowdown are overshadowing the loss of supply during last month’s attack on Saudi Arabia. The strike on the kingdom’s production facilities caused the biggest disruption in modern history, halting about 6% of world oil supply, the agency said. Nonetheless, after a brief rally, crude prices have eased back amid concerns of a global recession. The IEA trimmed projections for demand growth this year and next by 100,000 barrels a day.
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