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IEA Report Highlights:

ENERGY


  • Soaring oil use for power generation and gas-to-oil switching are boosting demand. In this Report, we have raised our estimates for 2022 global demand growth by 380 kb/d, to 2.1 mb/d.
  • World oil supply hit a post-pandemic high of 100.5 mb/d in July as maintenance wound down in the North Sea, Canada and Kazakhstan. OPEC+ ramped up total oil production by 530 kb/d in line with higher targets and non-OPEC+ rose by 870 kb/d.
  • Global observed inventories fell by a marginal 5mb in June. OECD total industry stocks increased by 6.2mb, to 2 681mb but remained 292.1mb below the five-year average. Government stocks released to the market totalled 33.8mb in June, the largest drawdown since March.
  • Russian oil exports fell by 115 kb/d in July to 7.4 mb/d, from about 8 mb/d at the start of the year.
  • With several regions experiencing blazing heatwaves, the latest data confirm increased oil burn in power generation, especially in Europe and the Middle East but also across Asia. Fuel switching is also taking place in European industry, including refining.
  • The EU embargo on Russian crude and product imports that comes into full effect in February 2023 is expected to result in further declines, as some 1 mb/d of products and 1.3 mb/d of crude would have to find new homes.
Energy BulletsCommodities
Energy BulletsCommodities

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