Citigroup predicts further downward revisions in oil demand.

July 6, 2022By fanu benks

Citigroup predicts further downward revisions in oil demand.
According to Ed Morse, global head of commodity research at Citigroup Inc., amid increased fuel prices, the prognosis for oil consumption is expected to undergo additional downward adjustments.

In an interview with Bloomberg Television on Wednesday, Morse stated that "almost everyone has reduced their expectations of demand for the year." Similar to the United States Energy Information Administration and the International Energy Agency, Citigroup cut its prediction by nearly a third to 2.4 million to 2.5 million barrels per day. Demand simply isn't increasing empirically to the extent that folks had anticipated.

As global demand increased and economies began to recover slowly from the pandemic, oil prices have increased significantly this year. Citigroup restated its base case for oil prices at $85 per barrel while crude prices are now hovering around $100 per barrel, noting that supply is "accelerating" toward the end of the year.
We don't see China as the source of the rising demand, Morse added, noting that the country has been accumulating supplies this year.

Citigroup issued a warning earlier this week that, in the event of a demand-crushing recession, oil prices might plummet to $65 per barrel by the end of this year and to $45 by the end of 2023. According to a research by Morse and Francesco Martoccia, that prognosis is predicated on the lack of any action by OPEC+ producers and a reduction in oil investments. In sharp contrast to more upbeat predictions from other banks and market analysts is Citi's projection.

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