The International Energy Agency (IEA) says that global oil demand has hit a record and may rise further in August, reports the Financial Times.
The paper continues: “Demand reached an all-time high of 103m barrels a day in June driven by better than expected economic growth in OECD [Organisation for Economic Co-operation and Development] countries, strong summer air travel and surging oil consumption in China, particularly for petrochemical production, the IEA said in its monthly oil report. The data shows that global efforts to cut carbon emissions are yet to completely halt the rise in oil demand, even as record temperatures and wildfires, simultaneously with severe flooding, have hit the globe.”
The IEA also said that it expects annual oil demand to average a record 102.2m barrels per day this year, says the Times – “an increase of 2.2m barrels per day on last year, with China accounting for more than 70% of the growth”.
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