The world's demand for oil is expected to slow in 2016 in response to a more pessimistic outlook for the global economy, the International Energy Agency (IEA) said Tuesday.

"Global demand growth is expected to slow from its five-year high of 1.8 million barrels per day in 2015, to 1.2 mb/d in 2016," or 95.7 million barrels per day, the IEA said in its monthly oil market report.