NATIONAL – The International Energy Agency announced today that high summer temperatures and high gas prices have boosted the use of oil in power generation, increasing demand but masking weaknesses in economies suffering from recession fears.
And Reuters quoted her as saying in her monthly report on oil, in which she raised her forecast for demand in 2022 by 380,000 barrels per day: “Natural gas and electricity prices rose to new records, which stimulated the shift from gas to oil in some countries.” .
The agency warned that “these exceptional gains, which are largely concentrated in the Middle East and Europe, mask relative weakness in other sectors,” noting “the decline in fuel use in road transport in developed countries and a slowdown in growth by the end of the year.”
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