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Oil Demand Accelerates as Gas Crisis Spurs Switch, IEA Says

  • Consumption growth boosted by 380,000 b/d to 2.1 million b/d
  • Oil market spared squeeze as stockpiles seen accumulating
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WATCH: The IEA’s Toril Bosoni says Russia could extend its release of barrels from governments’ emergency reserves beyond October.Source: Bloomberg
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The International Energy Agency boosted its forecast for global oil demand growth this year as soaring natural gas prices and heatwaves spur industry and power generators to switch their fuel to oil.

World oil consumption will now increase by 2.1 million barrels a day this year, or about 2%, up 380,000 a day from the previous forecast, the Paris-based agency said in its latest monthly report. The extra demand that prompted the revision is “overwhelmingly concentrated” in the Middle East and Europe.