“While demand growth is still expected to gain momentum, the expected pace of recovery is now looking somewhat more subdued,” the IEA said.

In response to the lower demand outlook, Saudi Arabia has cut its oil production by 330,000 barrels a day over August. The IEA believes Saudi Arabia has reduced oil exports to their lowest since September 2011.

United States Brent Oil Fund

For more information on the oil market, visit our oil category.

Max Chen contributed to this article.