IEA lowers oil demand forecasts amid Russian oil, products shut down
The International Energy Agency (IEA) has lowered their forecast for world oil demand by 1.3 mb/d for the second to fourth quarters of 2022; which they said will result in 950 kb/d slower growth for 2022 on average.
The agency said that the total demand for 2022 is projected at 99.7 mb/d, an increase of 2.1 mb/d from 2021.
The agency said that starting next month, 3 mb/d of Russian oil output could be shut in as sanctions take hold and buyers shun exports.
“OPEC+ is, for now, sticking to its agreement to increase supply by modest monthly amounts. Only Saudi Arabia and the UAE hold substantial spare capacity that could immediately help to offset a Russian shortfall,” said IEA in a statement.
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