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Don't see major rise in oil prices due to slowing demand, market glut: IEA

IEA's Fatih Birol also said that electric vehicles are not expected to make a dent on crude demand in India and elsewhere

Interim Budget 2019: FM has cheap crude oil to thank for his fiscal record
Reuters New Delhi
1 min read Last Updated : Jul 19 2019 | 11:43 AM IST

The International Energy Agency (IEA) doesn't expect oil prices to rise significantly because demand is slowing and there is a glut in global crude markets, its executive director said on Friday.  

Electric vehicles are not expected to make a dent on crude demand in India and elsewhere, IEA's Fatih Birol also said, adding that he expects India's oil demand to continue rising.

The IEA is reducing its 2019 oil demand forecast due to a slowing global economy amid a US-China trade spat, and may cut it again if the global economy and especially China shows further weakness, Birol told Reuters on Thursday.   

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Topics :Oil PricesOil demandcrude prices

First Published: Jul 19 2019 | 11:42 AM IST

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