IEA lifts oil demand view on switching from gas to oil
A better-than-expected response to Europe’s energy crisis and surprising economic resilience among major Asian economies are boosting demand for oil as a heat source, the International Energy Agency said Wednesday as it lifted its forecast for global crude demand.
In a monthly market report, the IEA said global demand for gasoil GAS00, +2.89% –a fuel generally used to power industrial machinery–had exceeded its expectations in almost all parts of the globe. European nations, facing frigid temperatures, an acute energy crisis and high natural gas prices, had seen a faster-than-expected switch to gasoil among manufacturers.
The less developed economies not members of the Organisation for Economic Co-operation and Development account for most of that extra demand thanks in part to an improving picture for the Chinese economy as it begins to remove its Covid-19 pandemic restrictions, the IEA said. For OECD nations, the IEA kept its demand forecasts for 2022 steady at 46.1 million barrels a day as increased gasoil demand was countered by a drop in naphtha demand. For 2023, the IEA raised its OECD demand forecasts by 100,000 to 46.5 million barrels a day.
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