IEA confirms: Oil demand to rise by 1.2M bpd YoY in Q4
The post IEA confirms: Oil demand to rise by 1.2M bpd YoY in Q4 appeared on BitcoinEthereumNews.com. According to the latest forecast from the International Energy Agency (IEA), the global Oil demand will rise by 1.2 million barrels per day (bpd) Year-on-Year (YoY) in the last quarter of this year. The agency also forecasts that the oil supply will expand 7.5 million bpd this year if transits improve. The IEA also stated that the oil demand will ease to 1.7 million bpd in the third quarter from 4.8 million in the April-June period. Considering the latest Ukraine attacks on Russia’s energy infrastructure, the agency has downgraded its projections on Russian oil production. It expects oil output from Russia to reach 8.9 million bpd this year and 8.8 million bpd in 2027, down from 9.2 million bpd in 2025. Market reaction There seems to be no immediate impact on oil prices from IEA’s oil demand forecasts. At press time, the WTI Oil price trades marginally lower to near $71.45. WTI Oil FAQs