In its monthly report on the oil market, the International Energy Agency stated on Thursday that oil demand in 2022 will be higher than previously expected. At the same time, growth in oil supply is expected to be less significant than previously forecasted.
According to the agency, the projected global oil demand this year is expected to reach around 99.4 million barrels per day. This is 1.4 million barrels per day more than in 2021.
However, oil supply is limited due to the impact of investment decline in the oil sector, a weakened dollar, and complications with restoring production in countries suffering from various kinds of circumstances.
The agency noted that OPEC+ countries benefit from record high oil prices and are increasing production slightly faster than planned.
