IEA Sees Higher Oil Demand This Year

Global crude oil demand will rise by 2.1 million bpd this year, the International Energy Agency said in the latest monthly edition of its flagship Oil Market Report, spurred on by the switch from gas to oil for electricity generation. The new number is a 380,000-bpd upward revision on the IEA’s previous monthly forecast. It also means that the IEA now expects global oil demand this year to average 99.7 million barrels daily. Supply, according to the IEA, already exceeds demand, as it hit 100.5 million bpd last month, with OPEC+ production…