Oil demand growth slowing at 'remarkable' pace: IEA

The IEA reduced its oil demand growth projection for 2014 by 65,000 barrels per day (bpd) to 900,000 bpd, while for 2015 it cut its estimate by 100,000 bpd to 1.2 million bpd - AFP Photo.

LONDON: World oil demand growth is softening at a remarkable pace as the European and Chinese economies falter, the West's energy watchdog said on Thursday, while supplies grow steadily, particularly from North America.

"The recent slowdown in demand growth is nothing short of remarkable," the International Energy Agency (IEA) said in its monthly report, revising down its oil demand growth projections for both 2014 and 2015.