- WTI pares some losses after plunging almost 10% this week
- Libya's parliament-backed prime minister said oil fields and ports could reopen soon
- Libyan oil production has been cut by 50% to 600 MBbl/d from 1.3 MMBbl/d in the last month due to shutdowns
- Hungary's public stance against the EU’s embargo on Russian imports has tightened, with the country insisting it will only withdraw its veto threat if pipeline imports are excluded
- Shanghai reported a 51% drop in new COVID cases
- Zero cases were reported in the community, according to Shanghai, as all cases were detected among those already in quarantine
- Restrictions on movement, known as the "Zero COVID" policy, have stoked fears of a growth slowdown in the world's largest petroleum importer
- The EIA cut its forecast for US crude output in 2022 from 12.0 MMBbl/d to 11.9 MMBbl/d in its latest Short-Term Energy Outlook
- The 2023 average output estimate was 12.85 MMBbl/d vs 12.95 MMBbl/d
- The EIA also forecasted that in 2022, U.S. demand for petroleum and other liquid fuels will increase by 3.7 %, down 0.3 % from April's forecast