- Oil trades higher, around $85.60, despite weak economic data from the Eurozone
- Eurozone and UK business activity turned lower, suggesting a potential recession, while German data showed a recession may already be underway in the country
- Oil prices fell 2% on Monday amid efforts to contain the Israel-Hamas conflict
- Russia’s seaborne crude exports hit four-month high (BBG)
- 3.53 MMBbl/d was shipped from Russian ports, an increase of 20 MBbl/d from the prior week, according to ship tracking data from Bloomberg
- The increase in flows came from Baltic and Pacific ports, offsetting declining shipments from the Black Sea
- The majority of cargoes were delivered to Asia, although flows to India remain below peak levels seen earlier this year
- IEA says global oil demand to peak this decade (Reuters)
- The IEA report contrasts with OPEC’s view, which sees oil demand rising after 2030 and calls for continuous investment into the sector
- The report outlines the agency's view that electric vehicle growth in China will be a large source of the shift, saying that in 2022, more than 50% of global electric vehicle sales were in China
- The IEA report forecasts consumption of 102 MMBbl/d in the late 2020s before falling to 97 MMBbl/d by the middle of the century