Noah Browning of Reuters reports that the International Energy Agency projects a rise in oil demand.
- Global oil demand will reach a record 101.6 million barrels per day in 2023.
- This increase in demand will largely be a result of developed nations opening up their economies as pandemic-related restrictions continue to ease.
- Despite calls from progressive lawmakers to end all fossil fuel use, oil is and will continue to be a large part of the global energy mix for years to come.
- Policies should be enacted to increase domestic production for all energy sources, including oil.
“But the IEA said supplies would soon match demand, adding: ‘After seven consecutive quarters of hefty inventory draws, slowing demand growth and a rise in world oil supply through the end of the year should help world oil markets rebalance.'”
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