The International Energy Agency raises the forecast for global oil demand in 2022

The International Energy Agency raised its forecast for the growth of global demand for oil this year by 380,000 barrels per day to reach 2.1 million barrels per day, with the increase in oil consumption in power generation in Europe and the Middle East.

The International Energy Agency raised its forecast for the growth of global demand for oil this year by 380,000 barrels per day to reach 2.1 million barrels per day, with the increase in oil consumption in power generation in Europe and the Middle East.

The Paris-based agency added in its monthly report, Thursday, that high gas prices and summer temperatures boost the use of oil in power generation.

It estimated that global demand for oil would rise to 99.7 million barrels per day in 2022, and then 101.8 million barrels per day in 2023.

Global oil supplies recorded their highest levels after the pandemic, reaching 100.5 million barrels per day in July, with maintenance work suspended in the North Sea, Canada and Kazakhstan, according to the report.

The "OPEC" alliance boosted total oil production by 530 thousand barrels per day last month, in line with higher goals to increase production.

Non-OPEC production increased by 870,000 barrels per day, and global oil supply is scheduled to rise by one million barrels per day by the end of the year, according to the report.

The agency said: "The exceptionally high demand for oil, which is largely concentrated in the Middle East and Europe, hides relative weakness in other sectors represented by the decline in the use of fuel in road transport in developed countries and fears of recession."

She indicated that the European Union's commitment to reduce gas consumption by member states by 15% in the period from this August to March 2023, will increase demand for oil by 300,000 barrels per day in the next six quarters.

It reported that Russia's oil production is scheduled to drop by about 20% by the beginning of next year, with the entry into force of the European Union import ban.

Europe plans to stop buying crude oil from Russia from the fifth of December, in an attempt to prevent the flow of revenue with which Russia funds its war in Ukraine.