Slowing economic growth in Asia is adding to uncertainty in the oil market, according to the executive director of the International Energy Agency.
The world is becoming increasingly dependent on Asia to supply oil products, the IEA’s Maria van der Hoeven said at a conference in Singapore today.
The IEA has lowered its forecast for global demand growth for 2012 by 500,000 barrels a day, partly because of signs of slowing in China, the Paris-based agency said in its Medium Term Oil Market Report.
Global consumption will increase 1.2 percent a year to 95.7 million barrels a day in 2017, up from 89 million last year, the IEA forecasts. Asian countries outside the Organization of Economic Cooperation and Development, led by China, will account for more than half of 7 million barrels a day of new global refining growth by 2015, the Oct. 12 report said.