The International Energy Agency (IEA) has lowered its global oil demand forecast amid surging coronavirus cases in China and weaker than expected demand in the U.S. and other developed countries.
According to the Financial Times report, The agency now expects demand to average 99.4 million barrels a day this year, down from its previous estimate of 99.7 million b/d in March.
“The stringent lockdowns in China have led us to further revise down our estimate for oil demand in the second quarter and the year as a whole,” the Paris-based group said in its monthly oil market report on Wednesday.
“In addition, more complete demand data for the first quarter of 2022, especially in the U.S., was sharply lower than preliminary estimates.”
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