In its latest oil market report, the International Energy Agency (IEA) said that the oil demand growth is set to be slowed by higher prices and a weaker economic outlook.
Observed global oil inventories increased by 77 mln barrels in April following nearly two years of declines
OPEC+ production could increase 2.6 mln bpd this year but may contract by 520,000 bpd in 2023
OECD industry stocks rose by 42.5 mln barrels, helped by government stock releases of nearly 1 mln bpd
Supply may struggle to meet demand next year amid sanctions on Russian oil and low producer spare capacity
Slowing demand growth, rise in supply through year-end should help world oil markets rebalance
Non-OPEC+ set to lead supply growth through 2023, adding 1.9 mln BPD in 2022 and 1.8 mln BPD in 2023
OECD states will drive demand growth gains in 2022 while a resurgent China will drive growth gains next year
World oil demand to reach 101.6 mln bpd in 2023, surpassing pre-pandemic levels.
WTI remained in the red at around $115.50 on the above report, losing 1% on the day.