Oil Demand Growth Weakest In Nearly A Decade

Global oil demand continues to see downgrades from major energy forecasters, with several downward revisions in just the past week. The U.S. EIA said in its Short-Term Energy Outlook that it expects oil demand to grow by only 0.9 million barrels per day (mb/d) this year, the latest in a series of downgrades from the agency. In July, it said 2019 demand would grow by 1.1 mb/d and in June it said 1.2 mb/d. The EIA started off the year expecting demand to grow by 1.5 mb/d this year. The point is not to pick on the EIA – just about every major…