IEA cuts oil-demand outlook as economy eclipses Saudi Attack

Baku, October 11, AZERTAC

The International Energy Agency cut forecasts for growth in global oil demand, noting that fears of an economic slowdown are overshadowing the loss of supply during last month’s attack on Saudi Arabia, according to Bloomberg.

The strike on the kingdom’s production facilities caused the biggest disruption in modern history, halting about 6% of world oil supply, the agency said. Nonetheless, after a brief rally, crude prices have eased back amid concerns of a global recession. The IEA trimmed projections for demand growth this year and next by 100,000 barrels a day.

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