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Oil Demand Growth Estimates Lurching Ever Lower

Big oil-forecasting agencies get gloomier about demand for this year

Texas Oil Fields As U.S. Flexes Refining Muscles
Photographer: Luke Sharrett/Bloomberg

Global oil demand growth is slowing.

That is the view of all three major oil forecasting organisations, who have cut their assessments for what they expect in terms of an increase in crude consumption this year. The latest outlooks from the International Energy Agency, the U.S. Energy Information Administration and the Organisation of Petroleum Exporting Countries all show worldwide oil demand growing by less than they did a month ago.

Taking the average of the three agencies’ forecasts, they now expect demand for oil to grow by about 1.2 million barrels a day this year, compared with last. That’s down from 1.3 million a month ago and more than 1.4 million in their forecasts made in January.