The IEA adjusted its global oil demand growth forecast for 2019 to 1.1 million barrels a day, and if the global economy, especially China's economy, weakens further, it may cut that forecast again, Birol said.
The IEA last year predicted oil demand growth of 1.5 million barrels per day in 2019, but in June it lowered its growth forecast to 1.2 million barrels per day.
"China is experiencing the slowest economic growth in the past three decades, as are some developed economies. If the global economic performance is worse than we assume, we may even review our estimates again in the coming months, "Birol said in an interview with Reuters.
He said that because of the increase in shale oil production in the United States, there is abundant supply in the oil market, and the trade war between the United States and China has hit oil demand.
Bill said that US oil production is expected to increase by 1.8 million barrels per day in 2019, down from 2.2 million barrels per day in 2018, adding that "these production will enter a market where demand growth is slowing down".
He said the IEA was concerned about growing tensions in the Middle East, especially in the area near the Strait of Hormuz. The Strait of Hormuz is an important shipping channel connecting Gulf oil producing countries with markets in Asia, Europe, North America and other regions.
Washington had previously said that Iran was behind the oil tanker attacks near the Strait of Hormuz in May and June. Tehran denied the allegation.
Hot Model No.: