The IEA Oil Market Report (OMR) has found that soaring oil use for power generation and gas-to-oil switching are boosting demand and have subsequently raised their estimates for 2022 global demand growth by 380 kb/d. However, they have stated that these extraordinary gains, overwhelmingly concentrated in the Middle East and Europe, mask relative weakness in other sectors. World oil demand is now forecast at 99.7 mb/d in 2022 and 101.8 mb/d in 2023.
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