The International Energy Agency expects to slow down the growth of oil demand to 650 thousand barrels per day

The International Energy Agency expected to slow the growth of global oil demand during the remaining period of this year to 650 thousand barrels per day, according to what it mentioned in a report published today, while its expectations for the growth of the whole year raised 740 thousand barrels per day, an increase of 20 thousand barrels.

The agency attributed the reduction of the remaining expectations of this year to what it described as unfavorable economic factors and standard sales of electric cars. The growth growth in the first quarter of this year was 990 thousand barrels per day, according to the agency’s data.

Raising the demand for demand growth for this year came as a result of the increase in economic growth expectations and the low oil prices that support consumption, which compensates for the weakness of imports from developing countries, especially India, according to the agency.

She said: “It is expected that the increasing commercial fog is negatively affecting the global economy, and thus in the demand for oil.”

Regarding the global supply, the agency said it appears to be a path of rise by 1.6 million barrels per day to 104.6 million barrels per day on average in 2025, and at an average of 970 thousand barrels per day next year.

Producers from outside the “OPEC+” alliance will add 1.3 million barrels per day this year and 820 thousand barrels per day in the next year, even with the decrease in US supply of crude.

Based on the latest plans, the coalition will add 310 thousand barrels per day of additional supplies this year and 150 thousand barrels per day next year, according to the report.

The report stated that oil prices continued to fall in late April and early May, due to the effects of commercial tensions in financial and basic commodity markets.

However, he stressed the decline of the landfill down somewhat after that after the United States and Britain reached a trade agreement, as well as the Chinese -American agreement to reduce mutual customs duties for a period of 90 days.

The prices of global crude futures decreased Brent. Brent mixed $ 14 a barrel during April to record the lowest level in 4 years above 60 dollars a barrel by a little by early this month. The prices of crude were then recovered to about $ 66 a barrel.