IEA Raises Global Oil Supply Outlook

The International Energy Agency (IEA) revised up its outlook for global oil supply, partly because Russia has continued to pump more oil than expected. “While Russia’s exports of crude and oil products to Europe, the U.S., Japan and Korea have fallen by nearly 2.2 [million barrels per day] since the start of the war, the rerouting of flows to India, China, Turkey and others, along with seasonally higher Russian domestic demand has mitigated upstream losses,” the Paris-based agency said. By July, Russian oil production was only 310,000 barrels per day below pre-war levels while total oil exports were down just 580,000 barrels per day, it added. The release of 180 million barrels of oil from the U.S. Strategic Petroleum Reserve has also helped bump up supply.