IEA sees a slowdown in the global oil demand growth

FXStreet (Mumbai) - The International Energy Agency (IEA), in its latest monthly report, trimmed its global demand growth forecast from a 5-year high of 1.5 million barrels per day (bpd) in 2015 to 1.2 million bpd.

The IEA's downward revision of the demand forecasts follows a similar forecasts by the OPEC released yesterday.

Key Points

World oil supply held steady near 96.6mln bpd in Sept as lower non-OPEC production was offset by a slight increase in OPEC crude.

OPEC commercial inventories extended recent gains and rose by 28.8mln barrels.

Crude oil price benchmarks rallied in early October on expectations of lower US output and rising tensions in ME