IEA raises 2022 oil demand growth forecast by 380,000 b/d

The International Energy Agency on Aug. 11 hiked its 2022 oil demand growth estimate by 380,000 b/d to 2.1 million b/d, citing “soaring” oil use in power generation and gas-to-oil switching in industry as a result of surging gas prices. The IEA’s unusually large revision in its latest monthly oil market report — following a cut in its growth estimate…