IEA Reports Surging Global Oil Demand

Demand for Oil Reaches Record High, Boosted by Air Travel Surge

According to a new report from the International Energy Agency (IEA), demand for oil is reaching record highs, driven by a surge in air travel this summer and increased oil use in power generation. In June, demand reached an all-time high of 103 million barrels per day (bpd), and it is predicted to rise even further this month. This is a significant rebound for the oil industry, as consumption expanded in the April to June period after two consecutive quarters of contraction.