The International Energy Agency (IEA) said that it would cut its oil demand forecast due to a slowing global economy. “China is experiencing its slowest economic growth in the last three decades, so are some of the advanced economies … if the global economy performs even poorer than we assume, then we may even look at our numbers once again in the next months to come,” the IEA’s executive director Fatih Birol told Reuters in an interview. Only a week after it issued its July Oil Market Report, in which the IEA said that demand would grow by 1.2 million barrels per day (mb/d) this year, the agency said that it would cut its forecast to 1.1 mb/d. Last year the agency saw demand growth of 1.5 mb/d for 2019. Various data points have been negative lately, from manufacturing activity to auto sales and trade volumes. But demand picks […]