The IEA and OPEC have both revised their oil demand projections, hinting that prices could see a meaningful decline in the coming months. China’s latest COVID lockdowns are also adding some bearish pressure to the oil market. Depending on how China’s COVID situation develops, and whether the EU decides to fully sanction Russian oil, OPEC could potentially revise its production growth agreement. This week saw some good news finally for oil consumers. Both OPEC and the International Energy Agency revised down their demand projections, suggesting that prices finally had some meaningful downward potential. But OPEC stands ready to change track. “Severe new lockdown measures amid surging Covid cases in China have led to a downward revision in our expectations for global oil demand in 2Q22 and for the year as a whole,” the IEA wrote in its latest Oil Market Report this week. The agency also noted that OECD […]