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IEA Already See's High Oil Prices Hitting Demand

OIL

High oil prices are already damaging global demand according to an interview with the head of the IEA Toril Bosoni by Platts.

  • "We believe that current prices are already impacting economic growth and oil demand," Bosoni said, "Demand in the US and Europe has been holding up better than expected... High savings rates and strong pent-up demand for travel is providing an offset to the impact of surging fuel prices for now,"
  • Speaking on China - "[it] had an even greater impact on demand than first thought," but see’s demand recovering in the second half of the year, "accelerating manufacturing and exports, boosting bunker requirements and diesel demand."
  • High Gas prices are prompting a switch from gas to oil, "Forward price curves don't suggest that this will change in the coming months,"
  • Speaking on global refining activity, Bosoni said, "Our forecast shows throughput increasing 4.7 million b/d from a low point in April through to August and this will support crude demand and crude prices,"
Energy BulletsCommodities
Energy BulletsCommodities

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