The world will consume less oil next year than previously thought as a climate of economic insecurity continues, according to the latest demand forecast by the International Energy Agency (IEA).
The influential group estimates that global oil demand growth will slow from 1.4 millions of barrels a day (mb/d) in 2016 to 1.2 mb/d in 2017, 0.1 mb/d below its previous forecasts.
On Wednesday, OPEC, the group of the world’s biggest oil producing countries, left its outlook for oil demand growth for 2017 unchanged at 1.15 mb/d, but upgraded its forecast for 2016 oil demand growth, which has dampened hopes for a deal on a production freeze at its meeting next month.
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