IEA does not expect 'huge increase' in crude prices

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 Fatih Birol said

Electric vehicles are not expected to make a dent on crude demand in India and elsewhere, he 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," Reuters cited Birol as saying.