The International Energy Agency (IEA) expects global oil demand to rise by 2.1 mln barrels per day (bpd) to 99.7 mln bpd in 2022.
Crude oil production in Alberta reached a record high in the first half of the year, at 3.6 million bpd.
Oil flows to central Europe via the Druzhba pipeline can resume within days as Hungarian energy group MOL has transferred the transit fee for the use of the Ukrainian section of the pipeline, MOL said on Wednesday (10 August).
Russian oil exports through the Druzhba pipeline via Ukraine were suspended in early August due to a problem with transit fee payments, Russian news agency Interfax reported on Tuesday, quoting a statement from Transneft.
By the time winter sets in, the market is going to become extremely tight and the per-barrel price of oil should return to around $120, Energy Aspects’ Amrita Sen told Bloomberg Surveillance on Monday.
The cautious decision of OPEC+ to increase oil production quota by just 100,000 barrels per day in September for all countries in total was taken in view of certain concerns and the unstable market situation, Russian Deputy Prime Minister Alexander Novak said on Wednesday in an interview with the Rossiya-24 TV Channel.
With western sanctions looming and many nations shunning it, Russia appears to have discovered a new gateway for its crude.
Participants in the OPEC+ deal may consider increasing oil production, Minister of Energy of Kazakhstan Bolat Akchulakov announced at a briefing on Wednesday.
The OPEC+ Joint Ministerial Monitoring Committee (JMMC) recommended countries of the alliance to increase oil production in September 2022 by 100,000 barrels daily.
- OPEC+ ministerial meeting started (TASS Russian News Agency: 2022-08-03 12:22:23+00:00)
The OPEC+ is set to meet on Wednesday (3 August) amid market expectations for a steady or a slight increase of oil output as most of its members are already pumping near capacity and cannot meet U.S. calls for bigger production to help address soaring prices.