Economics
IEA Cuts 2018 Oil Demand Forecast as $70 Crude Takes a Toll
- Oil inventories below average for first time since 2014: IEA
- Demand growth slows, non-OPEC supply increases as prices climb
Photographer: David Paul Morris/Bloomberg
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The International Energy Agency cut forecasts for global oil demand growth in 2018 as the highest prices in three years put a brake on consumption.
“The recent jump in oil prices will take its toll,” said the Paris-based agency, which advises most major economies on energy policy. Crude has climbed 17 percent this year, trading near $78 a barrel in London on Wednesday.