LONDON, September 13 (Reuters) – Global oil consumption will exceed 100 million barrels per day over the next three months, exacerbate the market and put prices under pressure, but emerging market crises and trade disputes may dampen demand, the International Energy Agency said Thursday.
The Paris-based IEA has maintained its forecast of strong global oil demand growth of 1.4 million barrels per day (bpd) this year and another 1.5 million barrels per day in 2019, unchanged from the previous forecast.
"Things are getting worse," the agency said in its monthly report. "The price range for Brent from $ 70 to $ 80 a barrel since April has been tested."
The imposition of US sanctions on the Iranian energy sector has already reduced supply to two-year lows, while the decline in Venezuelan output due to the worsening economic crisis and unplanned downturns will keep the supply-demand balance stable, the IEA said.
Global demand will reach a high of 100.3 million barrels per day in the final quarter of this year, before dropping to 99.3 million barrels per day in the first quarter of next year.
"At the beginning of 2019, there is some risk to our forecast in some major emerging economies, in part due to currency devaluation relative to the US dollar, which increases the cost of imported energy, and there is a risk of escalating growth Trade disputes, "said the agency. (Reporting by Amanda Cooper, edited by Jason Neely)