The boss says there were pluses and minuses at Molineux - and refused to criticise the match officials after a couple of key decisions went against the Blues.
“It was a good game for the spectators, but we conceded too many counter-attacks and missed simple passes,” said the City manager.
“We created a lot of chances against a team who had ten men behind the ball which is a positive.
“We played a 5-4-1 and we didn’t create that many opportunities with that system last season, but today we did.
“It was a good point, but we hit the woodwork three times and their keeper made some very good saves as well. Sometimes they go in, sometimes they don’t.”
When asked if his players had been reminded how hard it is to defend the Premier League title he said: “We played the same level in the first four games this season as we did last season – it is hard to play against good teams who defend in numbers and counter-attack well, so, as I said, I was surprised how many opportunities we did create.
“We tried, created chances but sometimes the final ball wasn’t good, but we will improve because defensively we weren’t as solid as we normally are.
“We knew how good Wolves were last season and that they are strong with the players they have so we knew this would be a hard game already.
“Every game we play, we learn more and today is no different.”
And in response to whether the Wolves goal should have been disallowed for handball or City awarded one of a couple of penalty claims, Pep said: “The Premier League will decide when VAR will be here, it’s none of my business.”