The IEA said Thursday it expects global oil demand to grow by 1.2 million barrels… The International Energy Agency on Thursday trimmed its forecast for the rise in global oil demand next year on a dimmer economic outlook, warning that the “massive” stock overhang is keeping a lid on crude oil prices. In its closely watched monthly oil market report, the Paris-based energy watchdog said it expects global oil demand to grow by 1.2 million barrels a day in 2017, a decrease of 100,000 barrels a day compared with last month’s forecast and down by 200,000 barrels a day from this year. “Some momentum will be lost in 2017 due to downgrades in economic growth projections, but the forecast expansion of 1.2 million b/d is still above-trend,” it said in the report. Despite recent price drops , balances in the market show essentially no oversupply during the second half […]