The International Energy Agency (IEA) stated that the gas crisis with record high prices in Europe and Asia stimulated the consumption of other types of fuel and played the oil industry. The global demand for oil has grown, exacerbating the existing shortage of raw materials, reports Bloomberg.
Brent oil has risen in price by 0.79 percent, to 83.84 dollars per barrel. Such an indicator has become the highest over the past three years. As MEA reported, high gas prices can increase oil consumption by about 500 thousand barrels per day in the next six months.
MEA preliminary data for August indicate a high demand for petroleum products, which does not correspond to the season, in a number of countries, including China. “A sharp deficit of the supply of natural gas, LNG and coal, caused by the restoration of the global economy, provoked a sharp jump in energy prices and a massive transition to petroleum products,” Maa reported. Expected expensive energy carriers can brake GDP growth and increase inflation.
In 2021, oil prices rose 50 percent. OPEC + adheres to its plan to increase production of 400 thousand barrels per day, despite the pressure of large consumer countries, such as the United States and India, which require additional supplies to reduce prices. According to the EA, until the end of 2021, the market will be observed in the market of oil supplies of about 700 thousand barrels per day.