IEA chief says oil demand projections depend on China's growth - Reuters
IEA chief says oil demand projections depend on China's growth | Reuters
IEA chief says oil demand projections depend on China's growth
GOA, July 22 (Reuters) - The International Energy Agency (IEA) will revise its global oil demand growth projections based on the economic growth prospects of China and some other countries, its executive director Fatih Barol said on Saturday.
He reiterated the IEA's view that oil markets are expected to tighten in the second half of the year.
Speaking to reporters at a meeting of Group of 20 energy ministers in India, Barol said the revision of the demand forecast "is very much dependent on the growth of many countries in the second half, but mainly Chinese growth prospects".
Asked if there was a case for a further reduction in demand projections, he said, "Yes, but there is also a possibility of revising up, so we will see how the Chinese economic prospects will look like. But in any case we see a tightening in the second half of the year."
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Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.