- Revises down oil demand growth projections for this year by 70,000 bpd
- The revision is due to blockages in China, at higher prices
- New embargoes could accelerate the redirection of Russian oil trade flows to Asia
- Overall drop in Russian supply to 1.6 mil bpd in May and 2.0 mil bpd in June
There’s nothing here that really stands out, but it’s worth noting how well oil prices have held up despite the negative risk sentiment in the markets in recent weeks as well as the damage done to the global economic outlook. Lockdowns in China in particular have been a major concern and yet WTI Crude is still holding above $103 despite falling almost 2% today. Adam shared some of his thoughts on this yesterday here.