Tag Archives: March 2022 Oil Market Report (OMR)

OIL: Guyana ramps up production; IEA warns of coming global oil supply shock

The Liza Unity FPSO, Guyana’s second oil production vessel.

Surging commodity prices and international sanctions levied against Russia following its invasion of Ukraine are expected to significantly depress global economic growth, says the International Energy Agency (IEA) in its March 2022 Oil Market Report (OMR).

The IEA said as a result of the Russia-Ukraine conflict it has revised down its forecast for world oil demand by 1.3 mb/d for 2Q22-4Q22, resulting in 950 kb/d slower growth for 2022 on average. Total demand is now projected at 99.7 mb/d in 2022, an increase of 2.1 mb/d from 2021.      Continue reading

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