PARIS - The steam driving the oil market has suddenly cooled because of weak growth in Europe and slowdown in China, the IEA said on Thursday, cutting its estimates for demand.
A section of the BP ETAP (Eastern Trough Area Project) oil platform in the North Sea, east of Aberdeen, Scotland, pictured on February 24, 2014
The growth in demand for oil this year will be markedly lower than expected, the IEA said, and this together with plentiful supply explains why the price of oil has fallen recently below $100 per barrel.