IEA expects an increase in global oil demand

  • 11-08-2022, 19:04
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    The International Energy Agency- IEA- expected, on Thursday, that global demand for oil will increase by more than what was expected this year.

    IEA said that oil prices fell by $ 30 a barrel after peaking in (June), due to increased supplies and "escalating concerns about the deteriorating economic outlook."

    The agency added, "The prices of natural gas and electricity rose to new record levels, which prompted some countries to switch to using oil."

    "With many regions exposed to severe heat waves, the latest data confirm an increase in the use of oil for power generation, particularly in Europe and the Middle East but also throughout Asia," IEA 's report said.

    IEA emphasized that "a shift in the use of fuel is also taking place in European industry, including refining."

    Demand is now expected to rise by 2.1 million barrels per day, to a total of 99.7 million barrels per day in 2022.