- OPEC+ released their monthly report for July. The group maintained its forecast for 2022 oil demand growth at +3.36 MMBbl/d but highlighted that 2H22 demand is anticipated to be lower due to China's Covid-19 resurgence
- The group forecasts that global demand will increase by 2.7 MMBbl/d in 2023 at a slower rate than this year, while non-OPEC liquids production growth in 2023 is forecast to be 1.7 MMBbl/d
- The data revealed that after declining in May, OPEC output increased by 234 MBbl/d to 28.72 MMBbl/d in June
- To balance supply and demand, OPEC would need to produce an average of 30.1 MMBbl/d in 2023. That’s 1.38 MMBbl/d more than the cartel’s 13 nations pumped in June
- A global strain on the energy supply that has resulted in crippling shortages and surging fuel and power prices could grow worse, according to the head of the IEA
- "The world has never faced a catastrophic energy crisis of this depth and complexity." "This is affecting the entire planet; we may not have seen the worst of it yet" said IEA Director Fatih Birol at the Sydney Energy Forum
- Birol also cautioned that this winter in Europe will be challenging in terms of energy supply and may have “serious implications for the global economy”