The International Energy Agency revised down its oil demand forecasts for this year and, above all, for 2023, and warned that OPEC+’s decision to reduce production could drag the world into recession.
In the monthly report on the oil market published today, the IEA is particularly harsh with what it describes as a “massive cut” in the oil cartel’s production, up to two million barrels per day from November, equivalent to 2% at the level which has already caused an increase of about 14 dollars per barrel from the lows of September.
“With relentless inflationary pressures and rising interest rates,” he warns, “rising oil prices could be the tipping point for a world economy already teetering on the brink of recession.”
Source: TSF
