Oil markets continue to be wracked by uncertainty and volatility amid the upheaval of the Ukraine conflict. Key industry reports released over the past week focused on demand-side downgrades but contained substantial caveats on both supply and demand dynamics.
“Soaring pump prices and slowing economic growth are expected to significantly curb the demand recovery through the remainder of the year and into 2023,” says the IEA in its latest Oil Market Report (OMR). “Moreover, extended lockdowns across China where the government struggles to contain the spread of Covid-19 are driving a significant slowdown in the world’s second largest oil consumer.” (CONTINUED - 839 WORDS)
