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IEA keeps oil demand growth estimate for 2018 steady

The International Energy Agency (IEA) confirmed the forecast for growth of world oil demand in 2018 at 1.3 million bpd. Earlier OPEC left its forecast for the growth of world oil demand in 2018 at the level of 1.53 million bpd.

According to IEA, the slowdown in demand growth in 2018 will mainly be due to higher oil prices, a change in the pattern of oil use in China, a weakening of oil demand among OECD countries and an increase in natural gas consumption in several non-OECD countries.

Oil supplies in OECD countries fell by 40.3 million barrels in November to 2.94 billion barrels.

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