As I warned last week, oil demand growth is drying up and it’s not over yet. Two of the major oil agencies have just cut their forecasts for incremental demand this year, but they haven’t gone far enough.
The revisions to full-year oil demand growth by the International Energy Agency (IEA) and the US Energy Information Administration (EIA) were almost small enough to be shrugged off. The real worry is in the detail.
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