Oil prices to surge as markets poised to tip into deficit soon: IEA
Global oil demand is set to rise by 2.2 million barrels per day (bpd) this year to a record 102 million bpd, on the back of a vibrant Chinese recovery at a pace exceeding expectations, the International Energy Agency (IEA) has said.
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The International Energy Agency has projected that world oil demand would grow by two million barrels per day this year, and warned surprise output cuts from the Opec+ producer group risk exacerbating an anticipated supply deficit and could thwart an economic recovery.