Global oil demand is set to shed 1.4 million barrels per day, Rystad says – The National

Global oil demand is set to shed 1.4 million barrels per day, Rystad says – The National

The Russian invasion in Ukraine, Covid-induced fresh lockdowns in the world’s second largest economy China and soaring inflation will collectively reduce the global oil demand that could also calm the high prices, according to Rystad Energy.

Global oil demand is set to shed 1.4 million barrels per day, dropping below the highs set in 2019, with a rebound unlikely until at least next year, the Oslo-based consultancy said on Friday.

The new projection for oil demand shows an annual world average of 99.6 million bpd, dropping well below the pre-pandemic high of 100.2 million bpd set in 2019.