Global oil demand continues to lose momentum due to China’s economic weakness and a slowdown in countries of the Organization for Economic Cooperation and Development, the International Energy Agency said Sept. 14, trimming its 2022 demand growth estimate by 100,000 b/d. In its monthly oil market report, the IEA said global supply had risen for a third straight month in August and is set to outpace demand through to the second quarter of 2023. It raised its annual supply growth estimates for 2022 and 2023 by 50,000 b/d and 40,000 b/d, respectively. Lowering its demand growth estimate for 2022 to 2 million b/d, the IEA noted demand had found some support from high gas prices prompting a switch from gas to oil in power generation and refinery operations, estimating the impact at 700,000 b/d in Q4 2022 and Q1 2023 compared with normal seasonal trends. However, “Global oil demand […]