- Russian crude flows into Europe restarted today after Hungarian refiner Mol paid Ukraine a transfer fee to resume crude flows (BBG)
- Ukraine's oil transportation has been halted for a few days due to technical difficulties with the banking and economic sanctions
- Crude flows over the southern Druzhba link could reach Slovakia by the end of today, according to Transneft PJSC
- EIA focused on the altered crude flow patterns caused by the conflict between Russia and Ukraine in their August Short Term Energy Outlook
- Europe continues to acquire more crude from the U.S. and decreases its exports of crude to several Asian nations
- Additionally, the EIA lowers its projection for U.S. crude output through 2022 from 11.91 MMBbl/d to 11.86 MMBbl/d
- U.S. oil production is still on course to reach a record in 2023 despite output growing more slowly than projected because of rising costs and labor shortages in America's shale fields
- According to the EIA, production will increase on average at a rate of 840 MBbl/d in comparison to an earlier prediction of 860 MBbl/d
- Although production is still anticipated to reach an all-time high in 2023, EIA marginally lowered its forecast from 12.77 MMBbl/d to 12.70 MMBbl/d