IEA cuts 2015 oil demand outlook

Pipes are pictured at the El Sharara oilfield in Libya. The International Energy Agency says oil prices will likely come under further downward pressure next year.(Reuters)

Oil prices will likely come under further downward pressure, the International Energy Agency said on Friday as it cut its outlook for demand growth in 2015 and predicted that healthy non-Opec supply gains were poised to aggravate a global oil glut.

The agency, which co-ordinates energy policies of industrialised countries, cut its outlook for global oil demand growth for 2015 by 230,000 barrels per day (bpd) to 0.9mn bpd on expectations for lower fuel consumption in Russia and other oil-exporting countries.
Read the full text news resource site…
Source News: Gulf Times