Global demand for oil exceeds 100 million barrels per day

World oil consumption will exceed 100 million barrels per day in the next three months, absorbing excess supply in the market and putting pressure on prices, but emerging market crises and trade disputes could adversely affect demand, the International Energy Agency said on Thursday.

The Paris-based agency has kept its forecast for strong growth in world demand for oil at 1.4 million bpd this year and 1.5 million bpd in 2019, unchanged from previous forecasts.

"The $ 70-80 price range of Brent crude since April may be tested," the agency said in its monthly report.

US sanctions on Iran's energy sector have cut supplies to a two-year low, but output in Venezuela due to an extended economic crisis and sudden outages in other regions will keep the balance between supply and demand, the agency said.

Global demand will rise to 100.3 million bpd in the fourth quarter of this year before falling to 99.3 million bpd in the first quarter of next year, the agency said.

"As 2019 approaches, there are potential risks that threaten our expectations in some of the major emerging economies, in part because of currency declines against the US dollar, which increases the cost of imported energy. In addition, there are risks to growth from escalating trade disputes. "

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