Sweltering summer temperatures and soaring gas prices have boosted the use of oil in power generation, the International Energy Agency said on Thursday, increasing demand but masking weakness in economies beset by recession fears.
“These extraordinary gains, overwhelmingly concentrated in the Middle East and Europe, mask relative weakness in other sectors,” the IEA warned. Much of the demand growth for 2022 is set to have been concentrated earlier in the year, with a slowdown in growth from 5.1 million bpd at the start of the year to less than 100,000 bpd in the fourth quarter.
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