Oil Prices Threaten Economy as Demand Growth Slows, IEA Says


By Grant Smith

(Bloomberg) Oil prices pose a high risk to the global economic recovery, with signs that fuel costs are starting to “take their toll” on demand growth, the International Energy Agency said.The Paris-based adviser trimmed forecasts for oil consumption this year and next amid growing fears of a recession, warning that prices threaten stability in emerging economies. Still, the demand weakness is being offset by tightening supply as sanctions hit Russia and OPEC+’s spare capacity dwindles.“Rarely has the outlook for oil markets been more uncertain,” the agency said in its monthly market report on Wednesday. “A worsening macroeconomic outlook and fears of recession are weighing on market sentiment, while there are ongoing risks on the supply side.”


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