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ICYMI – International Energy Agency raised its oil demand growth forecast for this year

The International Energy Agency (IEA)lifted its demand outlook partly due to power generators switching to oil:

“Natural gas and electricity prices have soared to new records, incentivising gas-to-oil switching in some countries”

That’s from its monthly oil report published Thursday. In it the IEA raised its outlook for 2022 oil demand by 380,000 barrels per day

  • also warned about looming supply disruptions, forecasting a further 20% fall in Russian output by the start of 2023

In other oil news:

  • 6 oil and gas fields in the Gulf of Mexico were shut after a leak at a Louisiana booster station halted two pipelines
  • the Organization of the Petroleum Exporting Countries (OPEC) cut its 2022 forecast for growth in world oil demand – expects 2022 oil demand to rise by 3.1 million bpd, down 260,000 bpd from the previous forecast. OPEC cited the impact of Russia’s invasion of Ukraine, high inflation and efforts to contain the pandemic.

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