- Revises down oil demand growth projections for this year by 70k bpd
- The revision is due to China lockdowns, higher prices
- New embargoes could accelerate reorientation of trade flows in Russian oil towards Asia
- Overall decline of Russian supply to by 1.6 mil bpd in May and 2.0 mil bpd in June
There isn't anything here that really stands out but it is worth noting how resilient oil prices have been despite the negative risk sentiment in markets in recent weeks as well as the damage to the global economic outlook. China lockdowns in particular have been a major concern and yet WTI crude is still keeping above $103 despite a near 2% drop today. Adam shared some of his thoughts on this yesterday here.