IEA OMR: Lowers 2022 global oil demand estimate by 260k BPD on COVID in China and lower OECD demand. February global stocks 714mln/bbl below the end-2020 level, OECD accounts for 70% of the decline
General Commentary
- Lower demand, and increased output from OPEC+ and beyond alongside IEA stock releases should prevent a sharp deficit.
- OPEC+ countries have insisted that no supply shortages exist.
- OECD industry stocks fell by 42.5mln/bbl to 2.611bln/bbl in February, almost double the seasonal trend.
Russia-related Commentary
- Russian oil supply is expected to fall by 1.5mln BPD in April and by around 3mln BPD from May.
- Roughly 700k BPD of Russian oil production has been shut in this far in April, according to reports.
- Expect Russian refiners to extend run cuts in April, as more buyers shun barrels and Russian storage fills.
- Traditional Russian customers cutting back, no sign of increased volumes going to China.
13 Apr 2022 - 09:00- EnergyImportant- Source: Newswires
Subscribe Now to Newsquawk
Click here for a 1 week free trial
Newsquawk provides audio news and commentary for over 15,000professional traders and brokers worldwide. Services include:
- Real-time audio coverage from 0630 to 2200 London time plus Asia-Pac 2200 to 1000 London time
- Teams of analysts covering equities, fixed income, FX, energy, and metals markets
- Real-time scrolling news service with instant analysis
- Daily and weekly pre-market research and calendars
- Video updates covering near-term key risk events & primary trading themes
- One-to-one chat with our expert analysts