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World oil demand is scaling record highs, boosted by strong summer air travel: IEA
World oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation and surging Chinese petrochemical activity. Global oil demand is set to expand by 2.2 mb/d to 102.2 mb/d in 2023.
— Giovanni Staunovo (@staunovo) August 11, 2023
IEA #oott
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Global oil supply plunged by 910 kb/d to 100.9 mb/d in July. A sharp reduction in Saudi production in July saw output from the OPEC+ bloc fall 1.2 mb/d to 50.7 mb/d, while non-OPEC+ volumes rose 310 kb/d to 50.2 mb/d.
— Giovanni Staunovo (@staunovo) August 11, 2023
IEA #oott
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Russian oil exports held steady at around 7.3 mb/d in July, as a 200 kb/d decline in crude oil loadings was offset by higher product flows. Crude exports to China and India eased m-o-m but accounted for 80% of Russian shipments.
— Giovanni Staunovo (@staunovo) August 11, 2023
IEA #oott #Russia
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#Russia: Higher oil prices, combined with narrowing discounts for Russian grades, pushed estimated export revenues up by $2.5 bn to $15.3 bn, $4.1 bn below year-ago levels.
— Giovanni Staunovo (@staunovo) August 11, 2023
IEA #oott
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Global observed oil inventories declined by 17.3 mb in June, led by the OECD. Non-OECD stocks and oil on water were largely unchanged. OECD industry stocks fell by 14.7 mb. Preliminary data suggest global inventories drew further in July and August.
— Giovanni Staunovo (@staunovo) August 11, 2023
IEA #oott