For 2023, the forecast for world oil demand growth remains unchanged at 2.7 mb/d, with total oil demand averaging 102.7 mb/d.

The spot price of Brent crude oil averaged $71 per barrel (b) in 2021, and we forecast the Brent price will average $104/b in 2022 and $94/b in 2023.

Russia’s natural gas exports by pipeline to the European Union (EU) and the United Kingdom (UK) declined by almost 40% during the first seven months of 2022 compared with the same period in 2021 and by almost 50% compared with the previous five-year (2017–21) average,

Benchmark German power for next year rose as much as 4.5% to a record 446 euros a megawatt-hour on the European Energy Exchange.

With nearly half of German homes relying on gas for heating, the country faces potential rationing if it fails to secure sufficient reserves.

Russian oil production in July was only 310,000 b/d below prewar levels, a fall of less than 3 per cent, while total oil exports were down about 580,000 b/d, according to the IEA’s latest monthly oil report.

Under the government’s latest “reasonable worst-case scenario,” Britain could face an electricity capacity shortfall totaling about a sixth of peak demand, even after emergency coal plants have been fired up, according to people familiar with the government’s planning.

The money lost is dwarfed by enormous profits both BP and Shell recorded this year on the back of soaring refining margins and high oil and gas prices.

U.S. commercial crude oil inventories increased by 5.5 million barrels to 432.0 million barrels.

Brent fell $1.34, or 1.4%, to $95.31 a barrel, WTI dropped $1.25, or 1.4%, to $89.51.

Benchmark gas declined as much as 2.9%, sliding for a third session. The continent’s storage sites are 72% full, compared to the average for the previous five years of 70.1%, data from Gas Infrastructure Europe show.

Hard-coal output averaged 6.36 GW for Week 31 (Aug. 1-8), up 21% week-on-week, while gas fell 24% to 4.26 GW.

Brent were down 51 cents, or 0.5%, at $94.41 a barrel, WTI was at $88.58 a barrel, down 43 cents, or 0.5%.

The price of OPEC basket of thirteen crudes stood at $100.01 a barrel

China's crude stocks stood at an 11-month high of 945 million barrels in May, accounting for 63% of the country's crude storage capacity