The International Energy Agency has estimated in its latest report on the oil market the impact that the current energy crisis is having on this sector. The price of gas and the decrease in supply from Russia have led the demand for crude oil to exceed pre-pandemic levels, with an average increase of 380,000 barrels per day in 2022.
In absolute numbers, global oil demand is now forecast at 99.7 million barrels per day in 2022 and 101.8 million in 2023.
"Natural gas and electricity prices have soared to new records, fueling a switch from gas to oil in some countries. These extraordinary increases, overwhelmingly concentrated in the Middle East and Europe, mask relative weakness in other sectors. ", says the Agency.
On the Russian oil market, the report indicates that exports fell from 8 million barrels per day at the beginning of the year to 7.4 in July. A drop that, although it was marked in flows to the United States, the United Kingdom, the European Union, Japan and Korea (almost 2.2 million barrels per day since the Russian invasion of Ukraine), has been offset by its diversion to other markets, mainly China, which has surpassed Europe for the first time as the main destination for Russian crude.
