- In its monthly report, the IEA slightly lowered its projection for global oil demand growth in 2022 from +1.8 MMBbl/d to +1.7 MMBbl/d
- The group forecasts that demand growth will rise to +2.1 MMBbl/d in 2023 to surpass pre-Covid levels
- The IEA anticipates global oil supply rising by about 1.8 MMBbl/d through December, which remained relatively unchanged from the previous report due to the somewhat weaker demand outlook and stronger than expected production from Russia
- In its July Short-Term Energy Outlook, the EIA maintained its forecast for U.S. crude oil production growth in 2022 at +0.72 MMBbl/d
- The group revised its production growth forecast for 2023 to +0.86 MMBbl/d from +1.05 MMBbl/d in the previous report due to inflation and labor shortages
- The organization also revised its forecast for U.S. consumption of petroleum and other liquid fuels for 2022 by 0.05 MMBbl/d to +0.7 MMBbl/d but increased its estimate for 2023 growth from +0.2 MMBbl/d to +0.32 MMBbl/d
- Shanghai reported 55 new Covid cases yesterday, down from 59 on Monday and more than 60 on Sunday, suggesting that the latest outbreak may be slowing down (BBG)
- However, given that some mobility restrictions have already been implemented, some people have been urged to stock up on food and medication in anticipation of returning to a lockdown
- However, data showed that Chinese exports increased by 18% in June after Shanghai emerged from lockdown and restrictions relating to Covid were loosened