IEA raises forecast for oil demand in 2022
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The International Energy Agency (IEA) slightly raised its forecast for global oil demand. Thus, in 2022 it will grow by 380,000 bpd to 99.7 million bpd, returning to the pre-pandemic level. At the same time, oil exports from Russia decreased by 115 thousand bpd and amounted to 7.4 million bpd. It was mentioned in the August report agencies.
According to the IEA forecast, in 2023 oil demand is expected to be at the level of about 101.8 million b/d. Oil production in July was just 310,000 b/d below production levels before the special military operation in Ukraine, reaching 100.5 million b/d, the highest level since January 2020.
The OPEC+ deal to reduce oil production in July was again overfulfilled: the level of execution of the agreement reached 523% against 314% a month earlier. The production of OPEC countries in July amounted to 25.22 million b/d, non-OPEC countries, including Russia, 15.12 million b/d. Russia produced 9.8 million bpd.
Since March, oil exports from the Russian Federation to Japan, South Korea and Western countries have decreased by 2.2 million bpd. This accounted for a third of exports, the rest went to other countries, including China and India. The IEA raises the forecast for oil production in Russia.
The agency notes that OECD oil inventories in July rose by 6 million barrels, but still 292.1 million barrels below the average level over the past five years. At the same time, oil reserves rose in June in the OECD countries, but decreased in the world.
About the oil crisis – in the publication “Kommersant” “The barrel rolled back”.
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