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
Important
SourceNewsquawk
SectionGlobal News
- 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.