OECD backs energy sentiments of slow growth

On the heels of reports predicting low oil demand, a director at the OECD said from France the global economy was expanding at only a moderate pace.

Rintaro Tamaki, acting chief economist at the Organization for Economic Cooperation and Development, said during the presentation of an interim economic assessment in Paris the global economy was experiencing lopsided growth.

"The global economy is expanding unevenly, and at only a moderate rate," he said during Monday's presentation. "The continued failure to generate strong, balanced and inclusive growth underlines the urgency of undertaking ambitious reforms."

The International Energy Agency published its monthly market report for September last week, trimming oil demand growth for 2014 to 900,000 barrels of oil per day and 2015 to 1.2 million bpd. The agency, which has headquarters in Paris, said the assessment was made because of a "pronounced slowdown" and weaker outlook for Europe and China.

OECD expects the U.S. economy to grow by 3.1 percent in 2015, up from the 2.1 percent forecast for 2014. For Europe, growth is slow, rising from 0.8 percent in 2014 to 1.1 percent next year. The Chinese economy, meanwhile, is slowing. OECD expects Chinese growth of 7.3 percent, down from 7.4 percent in 2014 and 7.7 percent the previous year.