IEA cuts oil demand outlook on weaker growth in Europe, China
A section of the BP ETAP (Eastern Trough Area Project) oil platform
Paris - AFP
The steam driving the oil market has suddenly cooled because of weak growth in Europe and slowdown in China, the IEA said on Thursday, cutting its estimates for demand.
The growth in demand for oil this year will be markedly lower than expected, the IEA said, and this together with plentiful supply explains why the price of oil has fallen recently below $100 per barrel.
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