Oil demand growth estimates for both 2018 and 2019 have been cut, the International Energy Agency revealed in its latest report issued Wednesday.

Last year's oil demand growth estimate has been revised downward by 70,000 barrels per day (bpd) to 1.2 million bpd, while the forecast for this year is cut by 90,000 bpd to 1.3 million bpd, the IEA said.

The estimates come amid global worries over the U.S.-China trade war and increased tensions in the Middle East, but are attributable to a range of factors specific to individual markets.

"The changes reflect lower-than-expected 2018 data in large consuming nations such as Egypt, India, Indonesia and Nigeria," the report said, adding that early data for this year showed demand in Brazil, China and Japan as below the agency's estimates.

The report noted a key divergence between OECD (Organization for Economic Cooperation and Development) countries and non-OECD countries. Demand in non-OECD countries, led by China, India and Russia, actually grew by 930,000 bpd year on year.

Across the 36 OECD member states, demand fell by 300,000 bpd, a second consecutive quarterly slide, though this was primarily within the organization's European and Asian members. In the Americas, oil consumption grew.