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Fatih Birol, head of the International Energy Agency, said Friday that if the global economy weakens further, the IEA could cut its forecast for global oil demand growth in 2019 and 2020.
In August, the IEA lowered its forecast for global oil demand growth in 2019 and 2020 to 1.1 million barrels per day and 1.3 million barrels per day, respectively, as trade weakness weighed on global oil consumption, slowing demand growth to the slowest level since the 2008 financial crisis.
"This will depend on the performance of the global economy. If the global economy weakens, we may lower oil demand expectations, and there are already some signs of global economic weakening, "Birol told Reuters on the sidelines of the Seoul Global Knowledge Forum.
He said that the slowdown in China's economic growth to its lowest level in nearly 30 years might also mean some adjustments, because China is the "engine of demand growth".
"But at the same time, let's not forget that low oil prices also put upward pressure on demand," Birol said.
Asked how Asian importers could enhance energy security at a time of rising tensions in the Middle East, Birol said that diversifying oil and gas imports as much as possible was a way to deal with geopolitical risks.
Especially natural gas, he said, now is absolutely a good time to sign a new contract, the price is good, now is the buyer's market, not the seller's market.


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