THE Paris-based International Energy Agency (IEA) cut its forecast for global oil demand after China reimposed lockdowns to contain the Covid crisis, reports Bloomberg.
With the weaker demand outlook, the agency now sees global markets in balance for much of the year.
Crude prices have lost most of their gains since Russia's attack on Ukraine.
'We're seeing now that economic forecasters are continuing to downgrade their outlook for the world economy, and obviously this will have an impact on oil demand,' said iea oil markets division chief Toril Bosoni.
'The market does look more balanced,' she said.
IEA lowered projections for world fuel consumption this year by 260,000 barrels a day, with a reduction of 925,000 a day for China in April.
Still, global demand remains on track to increase this year.
The IEA also pulled back estimates for the loss of Russian supplies from an international boycott.
Production in April is 1.5 million barrels a day lower than the prior month, but those losses may still double in May.
SeaNews Turkey
With the weaker demand outlook, the agency now sees global markets in balance for much of the year.
Crude prices have lost most of their gains since Russia's attack on Ukraine.
'We're seeing now that economic forecasters are continuing to downgrade their outlook for the world economy, and obviously this will have an impact on oil demand,' said iea oil markets division chief Toril Bosoni.
'The market does look more balanced,' she said.
IEA lowered projections for world fuel consumption this year by 260,000 barrels a day, with a reduction of 925,000 a day for China in April.
Still, global demand remains on track to increase this year.
The IEA also pulled back estimates for the loss of Russian supplies from an international boycott.
Production in April is 1.5 million barrels a day lower than the prior month, but those losses may still double in May.
SeaNews Turkey
