IEA: Downgrades Expectations of U.S. Oil Demand

The International Energy Agency (IAA) lowered its forecast for oil demand in the North American market on Wednesday (10th). This is the third agency to cut the forecast in two days, indicating that the market has started to worry deeply about the US economy. Under the influence of this worrying mood, the price of oil has fallen recently.

In the latest oil market report, the IEA lowered its forecast for US oil day demand this year to 80,000 barrels from July expectations. It is now expected that the US oil demand will decrease by 200,000 barrels this year, a decrease of about 1%.

The IEA said that as the United States revised down its first-quarter gross domestic product (GDP) increase, GDP growth in the second quarter was lower than market expectations, while oil prices continued to remain high, the market has begun to be healthy for the U.S. economy. I am deeply worried.

Earlier, the Energy Information Administration (EIA) and the Organization of Petroleum Exporting Countries (OPEC) lowered their expectations for US oil demand on Tuesday.