IEA warns: Pressures on global oil demand

The International Energy Agency (IEA) said that the global oil supply may struggle to keep up with demand in 2023 because of lockdown in China and the Russia war.

The report also added the IEA sees oil demand returning to pre-pandemic levels next year at 101.6 million b/d as non-OECD growth accounting for almost 80% of the gains, offsets a slowdown in the OECD.

The report said that central bank’s rate hikes and higher US dollar will hurt the purchasing power of deloping countries.