- Oil prices move higher as IEA said the global gas crisis is spilling over into oil
- Record gas prices are boosting consumption for other fuels and could add about 500 MBbl/d of oil use over the next six months, the IEA said
- AEGIS notes that many other banks and analysts are predicting similar gas-to-oil switching figures
- OPEC+ bosses tout oil market stability and claim that their supply plan is working well (Bloomberg)
- Oil’s stability relative to natural gas and coal underscore that OPEC+ is doing a good job balancing supply and demand, said the energy ministers of Saudi Arabia and Russia
- The Saudi Energy Minister Prince Abdulaziz bin Salman said the OPEC+ cartel should stick with gradual production increase, despite calls from traders and even the White House for it to move faster
- AEGIS notes that OPEC+ decided to raise production next month by its previously agreed-upon 400 MBbl/d, despite calls for more supply