Highlights Raises OPEC+ output ‘call’ for 2022 by 700,000 b/d, lowers 2023 estimate Oil output hits post-pandemic high, 1 million b/d rise seen by end-2022 Raises H2 Russian oil supply estimate by 500,000 b/d The International Energy Agency on Aug. 11 hiked its 2022 oil demand growth estimate by 380,000 b/d to 2.1 million b/d, citing “soaring” oil use in power generation and gas-to-oil switching in industry as a result of surging gas prices. The IEA’s unusually large revision in its latest monthly oil market report — following a cut in its growth estimate in its previous report — reflects “extraordinary” increases in Europe and the Middle East, particularly Iraq and Saudi Arabia, although it added the revision masked weakness in some sectors and growth almost peters out as the year advances, with demand growing […]

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