In its latest forecast, the IEA has projected demand to rise by 1.9 million barrels per day to 101.7 million barrels per day (bpd) this year
Citibank revised its demand growth outlook down by 1.4 million bpd to 2.2 million bpd y-o-y.
The current market situation was attributed to a disruption in supply following moves to ban Russian oil by the European Union
slowing demand growth and rising production from other major oil economies will help weather the effect of sanctions on Russia.
Oil prices sank 4 percent on Monday alongside equities, as continued coronavirus lockdowns in China, the top oil importer, sparked demand concerns.
Oil prices shot above US$139 a barrel this month, hitting peaks not seen since 2008, as Western sanctions tightened on Moscow over its invasion of Ukraine and disrupted oil sales from Russia, helping to fuel inflation that was already rising.
Target Corporation’s chief executive Brian Cornell: American consumers will drive less this year.Inflation in the U.S. in 2021 hit the highest in 40 years.
OPEC on Monday ,13 December, raised its world oil demand forecast for the first quarter of 2022 and stuck to its timeline for a return to pre-pandemic levels of oil use, saying the Omicron coronavirus variant would have a mild and brief impact
The impact of the Omicron COVID variant on global oil demand will be mild and short-lived, OPEC said on Monday, leaving its 2021 and 2022 demand growth forecasts unchanged
Oil prices have jumped more than 50% year-to-date, hitting multi-year highs as demand outstripped supply