IEA says oil market walking tightrope due to economic, supply risks

Still, its demand outlook for 2022 was trimmed by just 200,000 barrels per day (bpd) and is set for an annual rise of 1.7 million bpd and 2.1 million bpd in 2023, when it will reach 101.3 million bpd led by growth in developing countries.OPEC producers Saudi Arabia and the UAE will have a limited ability to pump more oil, the IEA warned, with their combined spare production capacity set to fall to 2.2 million bpd in August.

from Commodities-Markets-Economic Times
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