In its monthly report published on Thursday, The International Energy Agency (IEA) has said it expects global oil demand to rise by 2.1 million barrels per day in 2023. to exceed pre-Covid levels, by 101.8 million barrels, Reuters reports.
Additional comments
“Russian oil exports fell by 115,000 bpd in July to 7.4 million bpd, from around 8 million bpd at the beginning of the year.”
“The decline in Russian supply is more limited than expected“.
“Global oil inventories fell by 5 million barrels in June.”
“Demand growth is expected to slow from 5.1 million bpd in the first quarter of 2022 to just 40,000 bpd in the fourth quarter.“.
“Global oil supply hit a post-pandemic high of 100.5 million bpd in July.”
“Record natural gas and electricity prices incentivize gas-to-oil switch in some countries“.
“Gains due to the oil shift mask relative weakness in other sectors amid economic headwinds.”
“Oil demand growth estimate for 2022 increased by 380,000 bpd, up to 2.1 million bpd, due to gas-to-oil switch.”
Source: Fx Street
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