“The situation is becoming even more uncertain … global oil demand growth has been very sluggish in the first half of 2019,” the IEA said in its monthly report.
The Paris-based agency said that compared with the same month in 2018, global demand fell by 160,000 barrels per day (bpd) in May – the second year-on-year fall of 2019.
From January to May, oil demand increased by 520,000 bpd, marking the lowest rise for that period since 2008.
“The prospects for a political agreement between China and the United States on trade have worsened. This could lead to reduced trade activity and less oil demand growth,” the IEA said.