For the first time since the financial crisis of 2008, crude oil demand growth slowed

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Mumbai, August 10, 2019, Saturday

As a result of the rising economic downturn and the China-US trade war, the demand for crude oil this year has been the lowest since the financial crisis, the International Energy Agency said.

The global oil demand growth was slow and the situation was deteriorating in the first six months of the year, the agency said in its report. Global demand for oil has declined by 1.3 million barrels per day this month compared to May 1. During January-May, oil demand increased by 2.5 million barrels per day, the lowest growth since the financial crisis of five.

The situation in China and the US is not yet known to be a tranquil state of war, which has reduced trade activity and affected oil demand.

Stating that the increase in oil demand in the first six months of the current year is from China, the agency has projected global oil demand growth for 1 and 2 to be 1 lakh and 3 lakh barrels per day, respectively.

From January to June, demand growth in the United States and India stood at 3 million barrels per day. The demand for the situation is becoming bleak as the global economy is more likely to decline than to improve.

On the other hand, OPEC is seeing a steady rise in oil prices while cutting supply and reducing production by non-OPEC.

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