IEA Monthly Report: The supply crisis in the crude oil market shows initial signs of easing

The International Energy Agency (IEA) said that the global oil supply crisis has shown initial signs
of easing, as high oil prices and a gloomy economic outlook weigh on demand.

The IEA said in its latest monthly report on the oil market that high oil prices have deterred consumers, and pessimistic economic outlook expectations have begun to weigh on market demand
.
On the supply side, Russian oil production has not fallen
sharply due to European and American sanctions.
The United States and Canada are actively increasing production
.
Under the combined action of many factors, the global oil supply crisis has shown initial signs of
easing.

The IEA lowered its global oil demand forecast for this year and next, expecting global oil demand to fall by 240,000 barrels per day to 99.
2 million barrels per day this year and 280,000 barrels per day to 101 million barrels per day
in 2023.

However, the IEA also said that benefiting from the impact of China's economic recovery, the decline in global oil demand this year is generally moderate and controllable
.

On the supply side, the IEA now expects global oil production to average 100.
1 million bpd this year, up 300,000 bpd
from its previous forecast.
Russian production was revised up by 240,000 barrels per day to 10.
6 million bpd
from its previous forecast.

The IEA said that European and American sanctions have severely affected Russian oil exports, but high oil prices have led to Russia's crude oil revenue actually being much higher than before the
war.
Russia's oil exports fell to their lowest level since August 2021 in June, but its oil export revenues rose by $700 million to $20.
4 billion, 40%
above the 2021 average.