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Higher prices and a deteriorating economic environment have started to take their toll on oil demand, but strong power generation use and a recovery in China are providing a partial offset. Global oil demand growth has been marginally reduced to 1.7 mb/d in 2022, reaching 99.2 mb/d. A further 2.1 mb/d gain is expected in 2023, led by a strong growth trajectory in non-OECD countries. While as Russian oil exports in June fell by 250 kb/d month on month to 7.4 mb/d, the lowest since August 2021.
#higherprices #economicenvironment #OIL&GasCompanies #kalkinemedia #oilexports
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