IEA OMR: Raises 2022 estimate for oil demand growth by 380k BPD to 2.21mln BPD due to more gas-to-oil switching; demand growth is expected to slow to 40k BPD in Q4 2022; declines in Russian supply is more limited than previously forecast
- World oil supply hit a post-pandemic high of 100.5mln BPD.
- In 2023, demand is set to rise 2.1mln, surpassing pre-covid levels.
- Russian oil exports fell by 115k BPD in July to 7.4mln BPD from around 8mln BPD at the start of the year.
- Oil inventories fell by 5mln barrels in June.
11 Aug 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