
Giulia Petroni of The Wall Street Journal reports that oil-demand growth is now seen at 1.1 million barrels a day from previous estimates of 1.2 million barrels a day, the Paris-based organization said in its latest monthly report. Petroni writes:
The International Energy Agency cut its forecast for oil-demand growth this year as subdued industrial activity and mild winter temperatures reduced gasoil consumption across some of the world’s largest economies, particularly in Europe.
Oil-demand growth is now seen at 1.1 million barrels a day from previously 1.2 million barrels a day, the Paris-based organization said in its latest monthly report. Total demand is still expected to average 103.2 million barrels a day.
The revision was driven by lower-than-expected growth in the first quarter, with oil demand in OECD countries contracting by 70,000 barrels a day on year. European gasoil demand fell by 140,000 barrels a day in the quarter, also dragged by a declining share of diesel cars in the continent’s fleet. […]
Russian crude exports fell by 450,000 barrels a day to 7.3 million barrels a day in April, with commercial revenues down 6.5% compared with the previous month to $17.2 billion, the agency said. Yet, proceeds from crude exports remained broadly stable as lower volumes were offset by higher prices.
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