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Highlights from IEA oil market report

OIL
MNI (London)

World oil demand growth is forecast to slow to 1.9 mb/d in 2Q22 from 4.4 mb/d in 1Q22 on a more tempered economic expansion and higher prices. Demand to rise by 3.6 mb/d from April to August. 2022 demand is expected to increase by 1.8 mb/d on average to 99.4 mb/d as summer driving escalates and jet fuel continues to recover.

  • Russia shut in nearly 1 mb/d in April and could expand to around 3 mb/d during the second half of the year.
  • Excluding Russia, output from the rest of the world is set to rise by 3.1 mb/d from May through December from US and Middle East OPEC+.
  • Global refinery margins have surged to extraordinarily high levels due to depleted product inventories and constrained refinery activity. The tightness in product markets is expected to continue based on current oil demand outlook despite throughputs forecast to ramp up by 4.7 mb/d up to August.
Energy BulletsCommodities
Energy BulletsCommodities

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