The estimated growth in global demand has been reduced by 1,10,000 barrels per day for each of the two years.
A day after relaxing overseas borrowing norms for oil companies, the government on Thursday said state-owned fuel retailers will have to complete USD 10 billion external commercial borrowing (ECBs) within a year and they would not be required to hedge the exposure.
Paris: The International Energy Agency on Friday revised lower its growth forecast in global oil demand for 2018 and 2019, citing high prices, trade tensions and a less favorable economic outlook.
The estimated growth in global demand has been reduced by 1,10,000 barrels per day for each of the two years. This growth is expected to be 1.3 million bpd this year, then 1.4 million bpd in 2019.
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