PARIS, July 13 — High oil prices have yet to dampen demand which is set to continue rising and may soon outstrip supply, the International Energy Agency warned today.
Oil prices have surged from around US$80 per barrel earlier this year to over US$120 at times as Russia’s invasion of Ukraine has sparked supply concerns and the reopening of China’s economy from Covid lockdowns has boosted demand. Meanwhile, supply climbs to 100.1 mbd this year. But even if it hits an expected record of 101.1 mbd next year, it will fall below demand.
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