...

Oil use for electricity generation ramps up demand, IEA unveils forecast

Economy Materials 11 August 2022 13:06 (UTC +04:00)
Oil use for electricity generation ramps up demand, IEA unveils forecast
Maryana Ahmadova
Maryana Ahmadova
Read more

BAKU, Azerbaijan, August 11. World oil demand is expected at 99.7 million barrels per day in 2022, and 101.8 million barrels per day in 2023, Trend reports with the reference to the latest oil market update from the International Energy Agency (IEA).

“We have raised our estimates for 2022 global demand growth by 380,000 barrels per day, to 2.1 million barrels per day. Gains mask relative weakness in other sectors, and a slowdown in growth from 5.1 million barrels per day at the start of the year to less than 100,000 barrels per day by the fourth quarter of 2022,” the report said.

Meanwhile, due to the termination of maintenance in the North Sea, Canada and Kazakhstan in July, the volume of global oil supplies reached the level of 100.5 million barrels per day.

“OPEC+ ramped up total oil production by 530,000 barrels per day in line with higher targets and non-OPEC+ rose by 870,000 barrels per day. World oil supply is set to rise by a further 1 million barrels per day by year-end,” IEA added.

---

Follow the author on Twitter: @mariiiakhm

Tags:
Latest

Latest