Oil Prices Poised To Soar As Global Demand Hits Record High, IEA Says

Oil Prices Poised To Soar As Global Demand Hits Record High, IEA Says

Share to Linkedin Global oil demand reached record levels in June and is poised to peak again in August, the International Energy Agency said on Friday, warning that price hikes could be on the horizon as slowing outputs from major suppliers like Saudi Arabia tighten supply. Oil demand reached a new high in June, the IEA said. World oil demand hit a record 103 million barrels a day in June, the IEA said. The agency said demand could rise further in August and demand for 2023 as a whole is expected to reach 102. 2 million barrels a day. The figure, an increase of around 2. 2 million barrels a day from the year before, would mark the highest ever annual level, the agency said. China is responsible for the lion's share of this growth, accounting for more than 70% of the uptick, the IEA said, adding that demand there was "stronger than expected" and reached new highs "despite persistent concerns over the health of the economy." Strong summer air travel and the increased use of oil in power generation also contributed to increased demand, the IEA said. The IEA forecast continued, albeit slower, growth for oil demand in 2024,