Interesting. (Reuters) — Global oil demand growth is softening at a remarkable pace due to weaker European and Chinese economies, the West's energy watchdog said on Thursday, while adding that rising volumes of oil in storage was a good cushion against supply shocks.
"The recent slowdown in demand growth is nothing short of remarkable," the International Energy Agency said in its monthly report, revising down its oil demand growth projections for both 2014 and 2015.
"While festering conflicts in Iraq and Libya show no sign of abating, their effect on global oil market balances and prices remains muted amid weakening oil demand growth and plentiful supply," it said.
It said demand growth in the second quarter of 2014 alone eased to a near two-and-a-half year low.