Energy Agency: Oil Demand Forecasts Rely on China's Growth

The Executive Director of the International Energy Agency, Fatih Birol, indicated today, Saturday, that "the agency will revise its forecasts for global oil demand based on economic growth projections in China and some other countries." He reiterated that "the agency's perspective leans towards the expectation that oil markets will experience tightness in the second half of this year." Birol told reporters during a meeting of energy ministers from G20 member countries in India that "the review of demand forecasts largely depends on growth in many countries in the second half of the year, but primarily on growth projections in China." In response to a question about the possibility of further lowering demand forecasts, he stated, "Yes, but there is also a possibility for upward revisions, so we will see how China's economic outlook looks. However, in any case, we expect tightness in the second half of the year."