Oil demand set to grow sharply next year, IEA says

Wed, 2022-09-14 21:54

RIYADH: Global oil demand growth will rebound strongly next year as China eases COVID-19 lockdowns, the International Energy Agency said on Wednesday, adding that an economic slowdown will pause growth only briefly at the end of this year.

The outlook preserves a relatively bullish view for robust growth next year despite economic headwinds, built on the expectation that China will get back to work while growth in air travel will boost jet fuel demand.

Brent crude futures rose by $1.86 a barrel, or 2 percent, to $95.03 by 11:58 a.m. EDT (1558 GMT). US West Texas Intermediate crude gained $2.06, or 2.4 percent, to $89.37.
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