Free Trial

IEA August Highlights:

OIL


  • Growth in global oil demand continues to decelerate, weighed down by renewed Chinese lockdowns and an ongoing slowdown in the OECD. This is partly offset by large-scale switching from gas to oil, estimated to average 700kb/d during 4Q22/1Q23, double the level of a year ago.
  • World oil production rose 790 kb/d in August to 101.3 mb/d, with a strong recovery in Libya and smaller gains from Saudi Arabia and the UAE offset by losses in Nigeria, Kazakhstan and Russia.
  • Russian total oil exports rose by 220 kb/d in August to 7.6 mb/d, down 390 kb/d from pre-war levels. Russian crude oil imports into the EU/UK have fallen by 880 kb/d since the start of the year to 1.7 mb/d.
  • Global observed inventories fell by 25.6 mb in July on a drawdown in crude stocks in China and oil on the water as well as from IEA government stocks. OECD industry stocks rose by 43.1 mb to 2 705 mb, narrowing the deficit versus the five-year average to 274.9 mb.
  • IEA member countries released nearly 180 mb of public stocks from March through August, with over 50 mb to be delivered through October.
  • We have raised our estimates for 2022 global demand growth by 380 kb/d, to 2.1 mb/d. World oil demand is now forecast at 99.7 mb/d in 2022 and 101.8 mb/d in 2023.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.