Global oil demand will hit a record high in 2023 amid strong consumption in China and other countries, threatening to push prices even higher, the International Energy Agency (IEA) said on Friday, according to Bloomberg, taken by Agerpres.

In its August report on the global oil market, the Paris-based agency said global oil demand hit a record 103 million barrels per day in June, and a new peak could be reached in August.

“Demand for oil is reaching a record high level, driven by summer air travel, increased use of oil in electricity production, and increased activity in China’s petrochemical sector,” the IEA states.

According to the latest IEA estimates, global oil demand is expected to grow by 2.2 million barrels per day compared to 2022 and reach a record 102.2 million barrels per day in 2023. Instead, growth will slow to a million barrels per day next year. , which is 150,000 barrels per day less than the 1.15 million barrels per day previously estimated by the Paris-based agency.

The price of crude oil reached its highest value in six months this week, surpassing the threshold of $88 a barrel on the London Stock Exchange, amid a recovery in fuel consumption after the pandemic, as well as a cut in oil production approved by the OPEC+ alliance.

A sharp drop in global oil demand during the Covid-19 crisis three years ago has led to speculation that we may be approaching peak oil consumption as telecommuting becomes more popular and governments look to transition away from fossil fuels to avoid climate catastrophe. But the latest IEA figures show that despite mounting evidence that the planet is warming, oil consumption is rising like never before.

The International Energy Agency is the main energy advisory body of the 29 most developed countries. The agency was created in response to the first oil shock of 1973-1974 to coordinate the release of oil from reserves.