IEA releases new oil market numbers amid demand concerns

Scott Tong Oct 11, 2019
HTML EMBED:
COPY
KAREN BLEIER/AFP/Getty Images

IEA releases new oil market numbers amid demand concerns

Scott Tong Oct 11, 2019
KAREN BLEIER/AFP/Getty Images
HTML EMBED:
COPY

Amid concerns in the market that global oil demand continues to be weak, the International Energy Agency released its highly anticipated monthly oil report. Demand is growing, according to the report, but barely; it’s at the lowest rate in a decade.

Less than a month ago, the key concern was supply, following attacks on oil facilities in Saudi Arabia took offline more than five million barrels of crude per day. But prices came back quickly, as Saudi supply resumed, said Ellen Wald of Transversal Consulting.

Weak economic growth in the world economy underlies concerns about weak oil demand. Notably, growth in China and India — key drivers of demand in the world — have slowed, said Antoine Halff of the energy analytics firm Kayrros.

As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.

Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.

Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.