The International Energy Agency has moderated its global oil demand outlook, according to its October Oil Market Report. IEA now forecasts a growth of 1.3 million b/d for 2018 and 1.4 million b/d for 2019, respectively, a reduction of 110,000 b/d for both years from previous predictions. This is due to a weaker economic outlook, trade concerns, higher oil prices and a revision to Chinese data.

Source: News