IEA Slashes Oil Demand Forecast On Lockdowns

Global oil demand is expected to average 99.4 million barrels per day (bpd) this year, the International Energy Agency (IEA) said on Wednesday, cutting its 2022 demand outlook by 260,000 bpd to reflect the return of severe lockdowns in the world’s top oil importer, China. The strict lockdown measures in China—where authorities continue with their “zero-COVID” policy locking down 26 million residents in the financial hub Shanghai—led to lower expectations of oil demand in the second quarter of 2022 and the full year…