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IEA has sharply lowered its global demand forecast for this year

16 March 2022 14:39 (UTC +04:00)

the International Energy Agency (IEA) warned about the risk of “the largest (oil) supply crisis in decades” about the possibility that a significant part of Russian production will disappear from the market without OPEC's willingness to compensate, APA reports citing Infobae.

In its monthly report on the oil market, the IEA has sharply lowered its global demand forecast for this year due to the rise in barrel prices caused by Russia's invasion of Ukraine, slowing economic growth.

In particular, consumption forecasts between Q2 and Q4 were reduced by 1.3 million barrels per day made just a month ago, which means an average of 950,000 barrels per day is less overall in 2022.