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    IEA: Heat waves in Europe and gas shortages drive oil demand


    August 11, 2022 - CE Noticias Financieras

     

      Summer heat waves in Europe and natural gas shortages are boosting oil demand as power plants seek alternative fuels to meet rising electricity demand, according to an assessment by the International Energy Agency (IEA).

      In a monthly report published Thursday, the IEA raised its projection for the advance in global oil demand this year by 380,000 barrels per day (bpd) to 2.1 million bpd. The agency also revised upward its forecast for total consumption by 500,000 bpd in both 2022 and 2023, to 99.7 million bpd and 101.8 million bpd, respectively.

      "An impending natural gas crisis in Europe is already encouraging significant demand for gas-to-oil substitution," the IEA said, adding that oil futures markets signal that the situation could persist at least until the end of the year.

      The IEA also adjusted down slightly its projection for global oil supply this year to 100 million bpd, but raised that for 2023 by 600,000 bpd to 101.7 million bpd.

      For supply outside the Organization of the Petroleum Exporting Countries (OPEC), the IEA maintained its 2022 forecast at 65.5 million bpd, but raised next year's by 700,000 bpd to 66.3 million bpd.

      According to the IEA, world oil supply jumped to 100.5 million bpd in July, reaching the highest level post-pandemic covid-19. Source: Dow Jones Newswires.

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