Paris: The International Energy Agency has cut demand forecasts for OPEC’s crude in the second half of the year amid signs of slowing growth in China.
The Organization of Petroleum Exporting Countries will need to provide an average 29.8m barrels a day in the second half, the IEA said, lowering its assessment from the previous report by 200,000.
“While Europe’s economic woes are taking a toll on demand, there are mounting signs that China’s oil use, like its economy, may have shifted to a lower gear,” the IEA said.
While China will still account for about half of global growth, the agency trimmed projections for the world’s biggest energy user, forecasting that Chinese demand will rise this year by 365,000 barrels a day to 9.96m, or 150,000 less than anticipated last month. [12/06/13]
