LONDON, Oct 14 (Businesshala) – The global energy crisis is expected to boost oil demand by half a million barrels per day (bpd) and could prop up inflation and the COVID-19 pandemic, the International Energy Agency (IEA) said. Could slow down the world’s recovery. ) said on Thursday.
“Record coal and gas prices as well as rolling blackouts are prompting the power sector and energy-intensive industries to turn to oil to keep lights and operations down,” the Paris-based agency said in its monthly oil report. Huh.”
“High energy prices are also adding to inflationary pressures, which could lead to power shortages as well as less industrial activity and a slowdown in economic recovery.”
As a result, global oil demand is now projected to recover to pre-pandemic levels next year.
The IEA forecasts that producer group OPEC+ is set to pump out 700,000 bpd of its crude oil demand in the fourth quarter of this year, meaning demand will outpace supply at least through the end of 2021 .
Demand growth in the last quarter drew the biggest draw on oil products stocks in eight years, while storage levels in OECD countries were at their lowest levels since early 2015.