Global demand for oil this year is on track to rise to a record 101.9m barrels per day as China leads an economic surge among developing nations, the world’s leading energy body has forecast. The price of a barrel of oil rose from $85.62 (£68.44) to $86.10 on Friday morning after the IEA’s report was published. The move has angered western leaders because higher oil prices would make it harder for major economies to return to growth, and would provide extra revenues for the Kremlin as its war against Ukraine continues. The expected increase in global oil demand has also dashed hopes among climate campaigners that the Covid-19 pandemic had hastened the end of the world’s rising oil demand. The company set out a target to reduce its oil and gas production by 40% by 2030.

Source: The Guardian April 14, 2023 21:09 UTC