High fuel prices dampening demand more than expected but oil market is 'walking a tightrope,' IEA says | Businessinsider

High fuel costs are dampening oil demand in developed countries, the IEA said on Wednesday."As an EU embargo on Russian oil is set to come into full force at the end of the year, the oil market may tighten once again."High gas prices are pushing down demand in developed countries more than expected while the oil market remains in flux, the International Energy Agency said on Wednesday.

The watchdog group added that uncertainty over Russia's invasion of Ukraine and a worsening global economic picture are both pushing down any growth in oil demand while inflation adds price pressures for consumers. As a result, oil markets are"walking a tightrope," it said. The IEA's latest report comes after OPEC on Tuesday cautioned demand would considerably exceed supply next year unless member countries ramp up production sharply.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Supply risks still haunt market despite high oil prices: IEAHigh oil prices have yet to dampen demand which is set to continue rising and may soon outstrip supply, the International Energy Agency warned. I have always hated Bitcoin and thought it was a scam until a friend referred me to Allison_Grillo, I made my first withdrawal of R100,000 in 2 weeks thanks to Allison_Grillo. I was scammed through Bitcoin couple of months ago, I started hating Bitcoin until I was introduced to Allison_Grillo, and I gave Bitcoin trading another try, I successfully withdrew $35,000 after two weeks of trading, am so grateful Allison_Grillo thank you.
Source: eNCA - 🏆 49. / 51 Read more »