Global Oil Demand Hits Record and Prices May Climb, IEA Says
- Consumption reaches 103 million barrels a day for first time
- Saudi-led supply cuts pose a ‘risk of driving prices higher’
A aircraft take off from Madrid Barajas Airport.
Photographer: Marcos del Mazo/LightRocket/Getty Images
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Global oil demand has surged to a record amid robust consumption in China and elsewhere, threatening to push prices higher, the International Energy Agency said.
World fuel use averaged 103 million barrels a day for the first time in June and may soar even higher in August, the agency said in a report. As Saudi Arabia and its partners constrict supplies, oil markets are tightening significantly.