Data Drive: Muted oil demand ahead | The Financial Express

Data Drive: Muted oil demand ahead

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.

Data Drive: Muted oil demand ahead
However, refining demand-supply remains tight due to weakness in China's refining throughout.

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.

Also Read: India’s procurement of crude oil from Russia not under govt-to-govt framework: Foreign secretary

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.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.