‘Oil demand is set to shed 1.4 million barrels per day’. The ongoing war in Ukraine, Covid-19 lockdowns in China and surging commodity prices are going to take a significant bite out of global oil demand this year. That’s according to Rystad Energy’s senior vice president of analysis Claudio Galimberti, who made the comment in a statement sent to Rigzone recently. “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 2023,” Galimberti warned. “Additional Covid-19-related lockdowns or geopolitical issues could lead to further GDP growth reductions, applying additional downward pressure to demand forecasts,” he added. “The global economy is battling surging inflation, additional strict Covid-19 lockdowns in one of the world’s largest economies, and continuing supply chain disruptions, and the impact on oil demand will be significant,” Galimberti continued. Rystad is now predicting […]