The world’s two big intergovernmental energy groups have updated their outlooks for the oil market to the end of next year – and they don’t make comfortable reading. High prices, trade wars and weakening currencies are taking their toll on demand growth. That doesn’t necessarily mean that prices will fall. Concern that there isn’t enough spare production capacity should continue to support oil for a while yet. Both OPEC and the International Energy Agency, which represents consumer countries, expect global consumption to increase by about 1.36 million barrels a day next year. That’s a lot less than we have become used to since the price crash that began in 2014, and it’s a more pessimistic outlook than either group had back in July. The changes may not appear big, but there could be more to come. Neil Atkinson, head of the IEA’s oil industry and markets division, said after […]