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The International Energy Agency cuts its forecast for oil demand growth

2022-10-13T15:41:15.163Z


Paris, SANA- The International Energy Agency today lowered its forecast for the growth of global demand for oil over the next year


Paris-Sana

The International Energy Agency today lowered its forecast for the growth of global demand for oil over the next year against the background of higher prices, especially after the decision of the OPEC Plus alliance to cut production.

The annual report of the International Energy Agency, quoted by Agence France-Presse, stated that the continued economic deterioration and high prices as a result of the decision of OPEC Plus and the reduction of supply curb global demand for oil, noting that the global demand rate is expected to reach 101.3 million barrels per day next year, which is This represents a decrease from its expectations in its report issued last month, at a rate of 101.8 million barrels per day.

The report stressed that the decision of OPEC Plus to reduce supply significantly derailed the growth of demand for oil until the end of the year and beyond, noting that this matter would reflect a rise in prices, exacerbate market turmoil and raise concerns in terms of energy security.

The report warned that in a general context of inflationary pressures and raising interest rates, the rise in oil prices may become a turning point for the global economy, which is on the brink of recession.

The OPEC Plus alliance, which includes members of the Organization of Petroleum Exporting Countries (OPEC) and ten other oil-producing countries led by Russia, decided at the beginning of this month to reduce the official supply of oil by two million barrels per day during the coming period.

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Source: sena

All business articles on 2022-10-13

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