As Brent crude prices tumbled following concerns of a global economic slowdown and renewed lockdowns in China, the International Energy Agency has marginally cut its global oil demand growth forecast.
Crude prices spiked to over $120 a barrel in March after Russia invaded Ukraine, and stand at $94 now.
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In order to support prices, the Organization of the Petroleum Exporting Countries and its partners have decided to cut production by 100,000 barrels per day (bpd) from October onward.
However, refining demand-supply remains tight due to weakness in China’s refining throughout.
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