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PARIS: China’s repeated Covid lockdowns and a slowdown in developed economies are weighing on the growth of global oil demand this year, the International Energy Agency said Wednesday.
The deceleration of demand for crude is partly offset by a switch from gas to oil for power generation, as soaring gas prices have prompted countries to change fuels, said the IEA.
Oil slides 3% as China lockdowns stoke demand fears
Global oil demand is now expected to grow by two million barrels per day this year, slightly down from the previous forecast of 2.1 mbd.