Oil markets have been convulsed in recent weeks by the fallout from Russia’s invasion of Ukraine, which exacerbated pre-existing supply-side concerns. Now, attention is increasingly switching to the demand side of the picture, where major agencies are downgrading their forecasts amid increasing signs of a global economic slowdown.
“We forecast that global consumption of petroleum and liquid fuels will average 99.8 million b/d for all of 2022…this forecast is down by 0.8 million b/d from last month’s forecast as a result of downward revisions to global GDP growth from Oxford Economics,” says the US EIA’s Short Term Energy Outlook (STEO) this month. (CONTINUED - 848 WORDS)
