[Seoul 27th Reuters]-International Energy Agency (IEA) Executive Director Birol pointed out the possibility that the world oil demand forecast for 2019 and 20 may be revised downward if the global economy gets worse.
Spoke to Reuters during the World Knowledge Forum.
In August, IEA revised its outlook for oil demand growth in 19 and 20 down to 1.1 million barrels and 1.3 million barrels daily. Trade friction is putting pressure on global oil consumption, and demand growth is expected to be low since the 2008 financial crisis.
“The demand outlook depends on the situation in the global economy, and it could be reduced if it worsens,” the Executive Director said.
He also indicated that China's economic conditions, which are driving demand growth, will also affect the revision of the outlook. China's growth rate in the second quarter was 6.2%, the lowest level in at least 27 years.
On the other hand, the Secretary-General pointed out that the decline in crude oil prices will boost demand.
Crude oil prices are under pressure from the slowdown of the world economy, with North Sea Brent futures <LCOc1> moving around $ 62 per barrel and US WTI futures <CLc1> moving around $ 56.