Oil Demand Growth Weakest Since 2009

The International Energy Agency says oil demand will expand at the slowest pace since 2009 this year as global economic growth falters.

According to Bloomberg:

Oil consumption will increase by about 650,000 barrels a day this year, the Paris-based agency said in its monthly market report today. The reduction of 250,000 barrels a day from a previous estimate is the fourth in a row and means growth will be about half what it anticipated in June.

According to the IEA:

The sell-off is putting a spotlight on weaker-than-expected demand as a leading factor behind the drops.

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