Economy

Oil demand growth at lowest since 2008: International Energy Agency

West Texas crude for September delivery was last seen up US$0.60 to US$53.14 per barrel while October Brent crude was up US$0.69 to US$58.07 per barrel.

THE glut of crude oil supply in the oil market hit Nigeria's crude oil exports with poor sales, amidst efforts to balance the market, the International Energy Agency, IEA, on Friday announced a global decline in oil demand growth.

Oil prices rose after Euroilstock data showed total crude and product inventories of 16 European nations in July were slightly lower than in June.

The IEA, which advises major economies, trimmed forecasts for oil-demand growth this year and next, and warned that it may lower the estimates further as the U.S.

According to IHS Markit, Europe has imported around 46 per cent of Nigeria's oil since the beginning of 2019, India almost 18 per cent, and the rest of Asia about another 10 per cent. The IEA also isn't expecting a recovery in the near term as the likelihood of a global recession increases and the U.S.

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Despite the weekly decline, hedge funds boosted their net long U.S. crude futures and options positions in the week to August 6, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

The Paris-based agency said that compared with the same month in 2018, global demand fell by 160,000 barrels per day (bpd) in May - the second year-on-year fall of 2019.

OPEC and its allies have agreed to cut production by 1.2 million b/d through to the end of the first quarter of 2020 to rebalance the market.

The level is higher than Moscow's commitment under its production-curbing deal with OPEC. "This could lead to reduced trade activity and less oil demand growth", the agency said in a monthly report on the energy market.

US energy firms this week reduced the number of oil rigs operating for a sixth week in a row, cutting six rigs and bringing the total count down to 764, the lowest since February 2018, General Electric Co's (GE.N) Baker Hughes energy services firm said on Friday.



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