IEA revises down oil demand growth projections

For 2022, demand is expected to increase by 1.8 mb/d on average to 99.4 mb/d, Report informs, citing the monthly bulletin of the International Energy Agency.

Global observed oil inventories declined by a further 45 mb during March and are now a total 1.2 billion barrels lower since June 2020. OECD industry stocks rose by 3 mb.

The IEA report also states that OPEC+ countries in April reduced oil production by 840,000 barrels per day, while they lagged behind the permitted production quota by 2.66 million barrels, thereby executing the deal by 223%.

The deal was fulfilled by 162% by OPEC countries and 330% by non-OPEC states, 337% by Russia, 376% by Azerbaijan, 340% by Kazakhstan and 106% by Saudi Arabia.