WSJ: IEA Lower 2014 Oil Demand Growth Forecast on Global Economic Outlook

World oil demand will rise less than previously thought in 2014, due to a lower outlook for the global economy and demand growth in the second quarter falling to its lowest level in more than two years, the IEA energy watchdog said Tuesday.

In its monthly oil-market report, the International Energy Agency—which advises industrialized nations on oil policies—trimmed its projection for growth in global demand this year to 1 million barrels a day, down 180,000 barrels a day, citing weaker-than-expected demand in the second quarter.

"Despite armed conflict in Libya, Iraq and Ukraine, the oil market today looks better supplied than expected, with an oil glut even reported in the Atlantic basin," the report said.
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