IEA cuts 2023 oil demand growth estimate on economic concerns, Russia crisis

The International Energy Agency on Nov. 15 lowered its global oil demand growth estimate for 2023 to 1.6 million b/d from 1.7 million b/d citing mounting economic concerns and Europe’s energy crisis, adding that a proposed price cap on Russian oil still faced “myriad” uncertainties. In its monthly oil market report, the IEA noted an array of “headwinds” and a…