In its latest report on the oil market, published on Wednesday, the International Energy Agency (IEA) states that “Rebound in air traffic and release of pent-up Chinese demand dominate recovery” in global oil demand.
Additional comments
Russian oil exports fell more than 500,000 bpd in February, to 7.5 million bpd.
Russia’s oil export earnings in February fell 2.700 million dollars month, up to 11.6 billion, that is, almost half of pre-war levels.
Russian oil production remained close to pre-war levels in February.
Much of the excess supply reflects Russia’s search for new destinations after EU bans.
Global oil stocks are nearing 7.8 billion barrels, the highest level since September 2021.
Global oil inventories have reached levels not seen in 18 months.
Global oil supply exceeds weak demandbut the markets will even out in the middle of the year.
World oil demand will increase by 2 million barrels per day in 2023, up to 102 million barrels per day.
Source: Fx Street

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