IEA significantly lowers its forecast for oil demand in 2022

The International Energy Agency (IEA) has cut its forecast for daily global oil demand growth by 1 million barrels in 2022, defining it at 2.1 million barrels.

Report informs citing the agency’s monthly report that the change in the forecast is due to rising commodity prices on world markets and sanctions against Russia. It is noted that this will significantly reduce world economic growth. The document says that the organization cut its forecast for global oil demand for the second and fourth quarters of 2022 by 1.3 million barrels. As a result, the total increase in demand in 2022 will decrease by an average of 950,000 barrels.

Thus, the world's daily oil demand is expected to increase by 2.1 million barrels to 99.7 million barrels this year.