Page 183 - RusRPTAug24

Global observed oil inventories rose for a fourth consecutive month in May, having increased by 23.9mn barrels. OECD industry stocks rose by 27.8mn barrels to 2.845bn barrels but remained 69mn barrels below their five-year average. Preliminary data show global oil stocks falling by 18.1mn barrels in June, according to the report.
Oil supplies to the global market increased by 150,000 barrels per day in June as field maintenance eased and biofuels rose, offsetting a significant drop in Saudi flows, the International Energy Agency (IEA) said in its July report. Global crude production gained 910,000 barrels per day in Q2, whereas growth by 770,000 barrels per day is seen for Q3 with non-OPEC+ providing 600,000 barrels per day of the gains. For 2024 as a whole, global oil supply growth is forecast to average 770,000 barrels per day, which will boost oil supply to a record 103mn barrels per day. In 2025, global supply growth is projected at a much stronger 1.8mn barrels per day, with non-OPEC+, mainly in the United States, Canada, Guyana and Brazil, leading gains for a third consecutive year, adding 1.5mn barrels per day, the agency said. Oil supply from Saudi Arabia went down by 180,000 barrels per day in June to 8.85mn barrels per day. The export drop was partially offset by growth of domestic consumption, the IEA noted.
● Transport & exports
Russia reinstates its ban on gasoline exports after a 44% rise in prices.
The Russian government is again imposing a ban on the export of gasoline, because since the beginning of June wholesale prices for Ai-95 gasoline in the Russian Federation have soared by 44%, exceeding ₽70,000 per ton, and a "chronic shortage" has arisen on the market.
Claims that Azerbaijan is reselling Russian gas to Europe are unfair and
183 RUSSIA Country Report August 2024 www.intellinews.com