Summer heatwaves in Europe and scarce supplies of pricey natural gas are boosting demand for oil as power stations look for alternative fuels to meet the...
Summer heatwaves in Europe and scarce supplies of pricey natural gas are boosting demand for oil as power stations look for alternative fuels to meet the surging demand for electricity, the International Energy Agency said.
The additional oil demand comes just as tightness in the oil market and soaring prices, which have helped fan the flames of inflation, had been showing signs of easing. “A looming natural gas crunch in Europe is already incentivising substantial gas-to-oil demand substitution,” the IEA said, adding that oil futures markets were signaling that the situation could persist until at least the end of next year.
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