The International Energy Agency (IEA) said on the 14th that the shortage of natural gas in Europe and Asia is inflating oil demand, and the supply shortage in the crude oil market will become more serious.
Crude oil prices topped $ 80 a barrel, the highest in three years. Traders assume that record gas prices will stimulate other fuel consumption, especially for power generation. According to the IEA, this situation has already occurred and oil use could increase by an average of about 500,000 barrels per day over the next six months.
“The sharp shortage of natural gas, LNG (liquefied natural gas) and coal supply due to the global economic recovery has caused a sharp rise in energy supply prices, leading to a large-scale switch to petroleum products.” IEA pointed out. “August preliminary data have already shown that demand for fuel oil, crude oil and intermediate distillates for power plants is unseasonably high in many countries, including China,” he said.
Massive Switch
The price-driven shift from gas to oil deepens the global crude supply deficit.
Source: International Energy Agency
The IEA forecasts an increase in demand this year at 5.5 million barrels a day, raising it by 300,000 barrels. For 2022, the daily volume has been revised upward to 3.3 million barrels. The impact of the shift from gas to oil is expected to be felt primarily this quarter and next quarter.
Original title:Global Gas Crisis Spilling Over Into Oil Markets, IEA Says (1) （抜粋）
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