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In recent months, the IEA has on many occasions expressed concerns about the health of the global economy. As such, it is unsurprising the latest downgrade by the international Monetary Fund of its outlook for global GDP growth in 2019 and 2020 prompted similar downward revisions to oil demand. This month the IEA has revised its expectations for growth in world oil consumption by 100,000 b/d, down to 1.1 million b/d in 2019 and 1.3 million b/d in 2020. Some trading houses are even more bearish, predicting just 800,000 b/d growth this year.
The weekly tanker market report by Gibson Shipbrokers.
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