The International Energy Agency has adjusted its oil market forecast for 2022 and 2023

The International Energy Agency has slightly revised its forecasts for oil markets for 2022 and 2023 amid fears of a decrease in demand for black gold due to current global economic conditions.

The International Energy Agency has slightly revised its estimates of global oil demand for 2022 and 2023 and now expects it to be 99.8 million bpd and 101.4 million bpd, respectively, according to the agency’s November report.

In its forecasts for October 2022, the agency expected demand to rise by 1.9 million bpd in 2022 and 1.7 million bpd in 2023 to 99.6 million (2022) and 101.3 million barrels per day (2023).

The report notes that oil prices are still about 30% lower from their peak recorded in June 2022, while oil freight prices have risen with increased exports.

Source: RIA Novosti