In stunning reversal, IEA now sees oil demand falling this year

In stunning reversal, IEA now sees oil demand falling this year

In stunning reversal, IEA now sees oil demand falling this year. The International Energy Agency on Monday issued a stunning forecast, now projecting oil demand to fall this year on the same day prices collapsed by some 20%.. The IEA cut its global oil demand view, now seeing a 90,000 barrel a day decline this year, from a previous forecast of an 825,000 barrels a day increase.. China's economy has nearly grounded to a halt, which is having a big impact since it accounted for more than 80% of global oil demand growth last year.. plunged on Monday in response to Saudi Arabia starting a price war..