The US Energy Information Administration said Tuesday that it expects global oil consumption to average 101 million b/d in 2019, up 1.1 million b/d from 2018, an indicator that demand is growing at a slower rate than previously expected.  That 1.1 million b/d in growth is 200,000 b/d lower than what EIA forecast in June and marked the sixth straight month that the EIA lowered its forecast for global oil consumption in 2019. “The downward revision for 2019 reflects lower-than-expected oil consumption so far this year, in addition to slowing economic growth in many of the world’s largest oil-consuming countries,” EIA said in its Short-Term Energy Outlook. Oil consumption in Q1 2019 in OECD countries was 350,000 b/d lower than forecast in last month’s STEO, largely because of warmer-than-normal weather and slowing economic growth, EIA […]