Global demand for oil is expected to fall next year due to a slow-down in economic growth, according to the International Energy Agency (IEA).
Its ‘Oil Market Report’ (OMR) showed oil demand would grow only by around 900,000 barrels a day this year. For 2013, weaker economic growth worldwide could cut 400,000 barrels a day from what was previously estimated.
The report also showed oil imports from Iran reduced to around 1million barrels per day last month from 1.74million in June. The IEA said although the nation could recover from September onwards, it claimed Iran may struggle to find buyers this year.
However, the IEA said global oil supply is increasing and it rose by 300,000 barrels a day last month to 90.7million barrels.