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London — sweltering The International Energy Agency (IEA) said on Thursday that summer temperatures and higher gas prices have boosted the use of oil in power generation, boosting demand, but weakening the economy plagued by recession fears. He said he was hiding his ugliness.
"Record-breaking prices for natural gas and electricity have prompted some countries to switch from gas to oil," the Paris-based agency said in its monthly oil report. said it had raised its 2022 demand outlook. 380,000 barrels per day (bpd).
"These tremendous gains, which are predominantly concentrated in the Middle East and Europe, mask the relative weakness of other sectors," the IEA said. I am warning you.
It cited declining fuel use for road transport in advanced economies and slowing growth by the end of the year, "consistent with more negative economic sentiment, suggesting a sharp contraction in the second half of 2022." There are,” he said.
Meanwhile, global oil supplies surpassed pre-pandemic highs in July, boosted by better-than-expected Russian production. 600,000 bpd year-to-date.
Russia's oil export revenues fell by $2 billion to $19 billion in July, largely due to lower prices, with the IEA making China the first major export destination for Russia's crude oil to Europe. warned that he overtook the (Reporting by Noah Browning; Editing by Jason Neely and Jean Harvey)
