10/14, 10:48 AM (Source: TeleTrader)
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IEA: Energy crisis to boost oil demand by 0.5M bpd

The International Energy Agency published on Thursday its oil market report for October, saying that the energy crisis could boost demand for crude by 500,000 barrels per day.

The crisis prompted the IEA to revise its global oil demand forecast for the next two years. With the latest update, the demand is expected to rise by 5.5 million bpd this year and 3.3 million bpd in 2022.

World oil supply is set to surge in October as the United states output rebounds from Hurricane Ida and OPEC+ continues to unwind cuts, the IEA noted. "The higher energy prices are also adding to inflationary pressures that, along with power outages, could lead to lower industrial activity and a slowdown in the economic recovery," the report concluded.

Baha Breaking the News (BBN) / ND