The International Energy Agency (IEA) on Tuesday sharply cut its forecast for the growth in global oil demand this year due to escalating trade tensions, a day after a similar move by producer group OPEC, APA reports, citing Reuters.
"The deteriorating outlook for the global economy amid the sudden sharp escalation in trade tensions in early April has prompted a downgrade to our forecast for oil demand growth this year," the IEA, which advises industrialised countries, said in a monthly report.