Sharp reductions in oil supplies led by Saudi Arabia risk “driving prices still higher,” the IEA said.
Global oil demand reached record levels in June and is poised to peak again in August, the International Energy Agency
The agency said demand could rise further in August and demand for 2023 as a whole is expected to reach 102.2 million barrels a day. China is responsible for the lion’s share of this growth, accounting for more than 70% of the uptick, the IEA said, adding that demand there was “stronger than expected” and reached new highs “despite persistent concerns over the health of the economy.”
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