The IEA and OPEC have both revised their oil demand projections, hinting that prices could see a meaningful decline in the coming months. China’s latest COVID lockdowns are also adding some bearish pressure to the oil market. Depending on how China’s COVID situation develops, and whether the EU decides to fully sanction Russian oil, OPEC could potentially revise its production growth agreement.  https://oilprice.com/Energy/Energy-General/OPEC-Is-Treading-Lightly-As-Be