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8/11, 10:34 AM (Source: TeleTrader)
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IEA raises 2022 global demand growth outlook

The International Energy Agency (IEA) stated on Thursday that it raised its estimate for 2022 global demand growth by 380,000 barrels per day (b/d) to 2.1 million b/d.

"We have revised our forecast for world oil demand higher for the remainder of the year, but growth is nonetheless expected to slow from 5.1 mb/d in 1Q22 to a marginal 40 kb/d by 4Q22. World oil demand is now seen rising by 2.1 mb/d in 2022 to 99.7 mb/d and by a further 2.1 mb/d next year, when it surpasses pre-Covid levels at 101.8 mb/d," noted the report.

For its part, the decline in Russian supply has been more limited than previously anticipated. Although Russian exports of crude oil and petroleum products to the West have dropped by almost 2.2 mb/d since the start of the war, Moscow has managed to redirect flows to India, China, Turkiye, and other countries. In that sense, the EU embargo will likely have a full impact by February 2023.

Baha Breaking News (BBN) / JG