IEA says does not expect ‘huge increase’ in crude prices

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IEA says does not expect 'huge increase' in crude prices

FILE PHOTO: International Energy Agency Executive Director Fatih Birol speaks during the “Rome 2015 MED, Mediterranean dialogues” forum in Rome, Italy, December 11, 2015. REUTERS/Max Rossi/File Photo

NEW DELHI (Reuters) – The International Energy Agency (IEA) doesn’t expect oil prices to rise significantly because demand is slowing and there is a glut in global crude markets, its executive director said on Friday.

Electric vehicles are not expected to make a dent on crude demand in India and elsewhere, IEA’s Fatih Birol also said, adding that he expects India’s oil demand to continue rising.

The IEA is reducing its 2019 oil demand forecast due to a slowing global economy amid a U.S.-China trade spat, and may cut it again if the global economy and especially China shows further weakness, Birol told Reuters on Thursday.

Reporting by Nidhi Verma; Writing by Sudarshan Varadhan; Editing by Sanjeev Miglani