3/16, 11:42 AM (Source: TeleTrader)
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IEA: Commodity prices, sanctions to slow economic growth

The International Energy Agency (IEA) stated on Wednesday that rising commodity prices and worldwide sanctions against Russia are expected to slow global economic growth "significantly."

According to the March report, the agency adjusted the global oil demand projection downward by 1.3 mb/d for the 2Q22 to 4Q22 period, forecasting total demand of 99.7 mb/d in 2022, an increase of 2.1 mb/d compared to 2021. "The prospect of large-scale disruptions to Russian oil production is threatening to create a global oil supply shock," read the report, while estimating that, starting in April, Russian oil production could fall by 3 mb/d as more buyers move away from Russia due to sanctions.

Perspectives of additional supplies from Iran would take months. However, should an agreement be reached, exports could increase by around 1 mb/d over six months.

Baha Breaking News (BBN) / JG