The International Energy Agency (IEA) expects global oil demand to rise by 2.1 million barrels per day (bpd) to 99.7 million bpd in 2022, according to the report. IEA August. Thus, the agency raised its earlier estimate of demand growth by 380,000 bpd, Trend reports quoting TASS.

Global oil demand growth forecast for 2023 remained unchanged from the previous estimate of 2.1 million bpd.

According to the IEA, world oil reserves in June fell by 5 million barrels. At the same time, the reserves of the countries of the Organization for Economic Co-operation and Development (OECD) increased by 6.2 million barrels to 2.681 billion barrels, but still remained 292.1 million barrels lower than the five-year average. Oil sales from state reserves were 33.8 million barrels, the largest reduction in strategic reserves since March.

The IEA also noted that world oil supplies in July peaked after the pandemic began and stood at 100.5 million bpd. According to the agency, OPEC+ countries increased their oil production by 530,000 bpd in July, while non-OPEC+ countries increased their oil production by 870,000 bpd. In total, oil supply could increase by another million barrels per day before the end of the year.