News Release

Global Oil Supply, Demand & Prices Become Clear Despite the Fog of War

byEnverus

Calgary, Alberta (April 4, 2022) — Enverus Intelligence Research, a subsidiary of Enverus, the leading global energy data analytics and SaaS technology company, has released its latest PetroLogic report, The Fog of War. In it, EIR assesses the outlook for oil supply amid sanctions on Russian energy and what that could mean for prices in the near term.

“With oil prices persistently high since Russia’s late February invasion of Ukraine, we have pared by more than 50% of our expectations for demand growth this year. We now expect global oil demand to grow about 1.5 MMbbl/d Y/Y in 2022, subject to further revision as GDP forecasts are adjusted lower,” said Bill Farren-Price, lead report author and director of Enverus Intelligence Research. “Faced with technical challenges and potential reputational damage, European buyers are avoiding Russian cargoes, which were down by ~1.5 MMbbl/d in early March.”

Key takeaways from the report:

  • EIR now project stock draws through 2022 until Q4, which is mostly in balance as demand growth eases, reflecting lower supply and easing demand as higher prices bite. Our Brent price forecast is now anchored above $100/bbl, reflecting tighter balances on the back of the Ukraine war.
  • The March surge in Brent prices towards $140 brings a focus onto the risks to oil demand. EIR has halved its forecast for oil demand growth in 2022 and GDP downgrades will erode that view further in the coming month.

Members of the media should contact Jon Haubert to schedule an interview with one of Enverus Intelligence Research’s expert analysts.

About Enverus
Enverus is the leading energy SaaS company delivering highly-technical insights and predictive/prescriptive analytics that empower customers to make decisions that increase profit. Enverus’ innovative technologies drive production and investment strategies, enable best practices for energy and commodity trading and risk management, and reduce costs through automated processes across critical business functions. Enverus is a strategic partner to more than 6,000 customers in 50 countries. Learn more at Enverus.com.

About Enverus Intelligence Research
Enverus Intelligence Research, Inc. is a subsidiary of Enverus and publishes energy-sector research that focuses on the oil and natural gas industries and broader energy topics including publicly traded and privately held oil, gas, midstream and other energy industry companies, basin studies (including characteristics, activity, infrastructure, etc.), commodity pricing forecasts, global macroeconomics and geopolitical matters.

Picture of Enverus

Enverus

Energy’s most trusted SaaS platform — creating intelligent connections that uncover insights and opportunities to deliver extraordinary outcomes.

Related News

Enverus Press Release - Speed through records with Enverus Instant Analyst™ - Courthouse
News Release
ByEnverus

Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, announced today it has added Instant Analyst™ capabilities to its Courthouse product.

Enverus and Pexapark Press Release - Enverus Enhances Global Trading & Risk Platform with Pexapark’s Benchmark Renewables Pricing and Market Intelligence
News Release
ByEnverus

Pexapark, the market benchmark for Power Purchase Agreement (PPA) pricing data, and a trusted provider of market intelligence and advisory services, has announced a new data integration with Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across...

Enverus Press Release - Enverus releases “2025 Interconnection Queue Outlook” to navigate backlogged grid challenges
News Release
ByEnverus

Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, is releasing its 2025 Interconnection Queue Outlook, a comprehensive collection of power generation and transmission projects that show requests to connect to the U.S. power grid....

Enverus_Press_Release_Data_Centers_Thumbnail.png
News Release
ByEnverus

Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, has released a report analyzing connections between data center developers and landowners.

Enverus Intelligence® Research Press Release - Delayed data center demand response: How quickly can ISOs add new loads?
News Release
ByEnverus

Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, has released a report examining how much load can be connected at different independent system operators (ISOs) without the...

Enverus Intelligence Research Press Release - Upstream M&A sails to $17 billion in 1Q25
News Release
ByEnverus

Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, is releasing its summary of 1Q2025 upstream M&A activity and outlook for the rest of the year.

Enverus Press Release - Enverus releases Investor Analytics: Refined, actionable financial insights at your fingertips
News Release
ByEnverus

Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, announced today it has added Investor Analytics to its suite of offerings.

Enverus Intelligence® Research Press Release - Pains and Gains in the Haynesville
News Release
ByEnverus

Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company that leverages Generative AI across its solutions, is releasing a series of reports focused on its Haynesville growth forecast including natural gas production, operational efficiencies and...

Enverus Press Release - Welcome to EVOLVE 2025: Where visionaries converge to shape the future of energy
News Release
ByEnverus

Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, is inviting members of the media to EVOLVE 2025, a conference where visionaries converge to shape the future of energy. The conference will be held May...

Find Out How Enverus Can Help Your Business

Subscribe to the Energy Blog

A weekly update on the latest “no-fluff” insight and analysis of the energy industry.

Let’s get started!

We’ll follow up right away to show you a quick product tour.

Let’s get started!

We’ll follow up right away to show you a quick product tour.

Get Started

Register Today

Sign Up

Power Your Insights

Connect with an Expert

Access Product Tour

Speak to an Expert