The International Energy Agency has raised its forecast for world oil demand in 2022 to 99.7 million barrels per day in 2022 and 101.8 million bpd in 2023.
The organisation which provides data, forecasts and analysis on the global oil market, stated that the projection was hinged on soaring oil use for power generation and gas-to-oil switching by many countries.
The IEA report stated that World oil demand is now forecast at 99.7 million bpd in 2022 and 101.8 million bpd in 2023.
The IEA report however stated that the world oil supply hit a post-pandemic high of 100.5 million bpd in July despite Nigeria’s perennial underperformance as maintenance was completed in the North Sea, Canada and Kazakhstan.