Global oil demand this year was tracking to a strong recovery, fueled by demand in goods and services, but the Russian incursion into Ukraine has upended all forecasts and there is no clarity in the near term, according to energy experts. 

Oil Imports

In OPEC’s Monthly Oil Market Report (MOMR) issued Tuesday, the Saudi-led cartel noted that this year began with expectations that there would be a broad global economic recovery by mid-year.

“The outlook also anticipated gradual monetary tightening, continued improvement in global labor markets and an easing of supply chain disruptions,” researchers noted. “Similarly, global oil demand growth was forecast to continue to recover…

“However, while the drag of the pandemic was still being felt in major economies in 1Q2022, the war...