The International Energy Agency (IEA) doesn't expect oil prices to rise sig...
NEW DELHI - The International Energy Agency doesn’t expect oil prices to rise significantly because demand is slowing and there is a glut in global crude markets, its executive director said on Friday.
The IEA is revising its 2019 global oil demand growth forecast down to 1.1 million barrels per day and may cut it again if the global economy and especially China shows further weakness, Birol told Reuters in an interview on Thursday. Under normal circumstances, he said, he doesn’t expect a “huge increase” in crude oil prices. But Birol warned serious political tensions could yet impact market dynamics.
Prime Minister Narendra Modi had set a target in 2015 to cut India’s dependence on oil imports to two-thirds of consumption by 2022, and half by 2030. But rising demand and low domestic production have pushed imports to 84% of total needs in the last five years, government data shows.
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