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Fundamentals

Demand: Policy Support Delays Erosion But Momentum Fades

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Global oil demand is being whacked by the double whammy of inflation and the risk of recession, which has now crystalized in Europe. All EU countries plus the UK have taken action to cushion the rise in energy prices, with about 500 million euros earmarked for various price stabilization schemes: price caps, tax rebates, and subsidies to lower-income households. Windfall taxes on the record profits of oil and gas companies are also being discussed in both Europe and the US.

Topics:
Oil Demand, Oil Forecasts
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