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International Energy Agency: More than expected increase in demand for oil

2022-08-11T14:56:42.142Z

Paris, SANA- The International Energy Agency announced that the increase in global demand for oil will rise more than expected



Paris-Sana

The International Energy Agency announced that the increase in global demand for oil will rise more than expected due to heat waves and high gas prices, which is pushing countries to shift towards generating more energy.

AFP quoted the agency as saying today in its monthly report that oil prices fell by $30 a barrel after hitting a peak in June due to increased supplies and escalating concerns about the deteriorating economic prospects, while natural gas and electricity prices rose to new record levels, which prompted some countries to Switching to petroleum for electric power generation.

The report added that with many regions exposed to severe heat waves, the latest data confirms the increase in the use of oil in power generation, especially in Europe, the Middle East and throughout Asia, and it is expected that demand will rise by 2.1 million barrels per day to reach a total of 99.7 million barrels per day in the current year, while it will rise To 101.8 million barrels per day in 2023, exceeding pre-corona epidemic levels.

The report pointed out that European oil supplies are boosted by exceptional demand for heat and power generation and in industry.

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Source: sena

All business articles on 2022-08-11

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