IEA Cuts Oil Demand Forecast as China Reimposes Lockdowns
- China consumption estimate reduced by 925,000 b/d in April
- Global market now seen in balance for much of the year
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The International Energy Agency cut its forecast for global oil demand this year after China reimposed lockdowns to contain the spread of a resurgent coronavirus.
With the weaker demand outlook and the massive release of emergency oil reserves by IEA members, the agency now sees global markets in balance for much of the year. Crude prices have already lost most of their gains since Russia’s attack on Ukraine, to trade near $100 a barrel in New York on Wednesday.