IEA OMR: lowers 2022 demand growth forecast by 950k BPD to 2.1mln BPD for an average of 99.7mln BPD
- Emergency stocks provided by IEA members provide a welcome buffer.
- If a deal on Iran is struck, could increase exports by around 1mln BPD over six months.
- So far there is no willingness from Saudi Arabia or UAE to tap into reserves.
- Forecasts 3mln BPD of Russian oil output could be shut in as of April.
Analysis details (09:01)
- Note, the OPEC MOMR stated that the 2022 forecast for global oil demand growth “remains under assessment” at 4.2mln BPD. Additionally, “this forecast is subject to change in the coming weeks, when there is more clarity on the far-reaching impact of the geopolitical turmoil.” Furthermore, total OPEC-13 crude oil production averaged 28.47mln BPD in February 2022, higher by 440k BPD M/M.
16 Mar 2022 - 09:00- EnergyImportant- Source: Newswires
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