The International Energy Agency has lowered its global oil demand forecast because of surging coronavirus cases in China and weaker than expected demand in the US and other developed countries.
The energy watchdog now expects demand to average 99.4mn barrels a day this year, down from its previous estimate of 99.7mn b/d in March.
“The stringent lockdowns in China have led us to further revise down our estimate for oil demand in the second quarter and for the year as a whole,” the Paris-based group said in its monthly oil market report on Wednesday.
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