A surge in global oil production led by Saudi Arabia will start to collide with increasingly weak demand, particularly in Asia, in the last three months of this year, the International Energy Agency warned on Wednesday.
The Paris-based body cut its forecast for global demand growth this year to 680,000 barrels a day, a third less than it projected in January and the weakest pace since 2009, outside of the Covid-19 slump.
It cited slowing consumption in China, India and Brazil and noted that all three countries were facing threats of high tariffs on their trade with the US.
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