Energy crisis boosts oil demand: IEA

Shortages of natural gas and coal have triggered a switch to oil, boosting demand for crude and fuelling a rise in prices, the International Energy Agency said Thursday.

The IEA, which advises governments on energy policy, said it now expects global oil demand for this year and 2022 to be higher than in its previous forecast.

“Oil prices are scaling multi-year highs as a shortage of natural gas, LNG (liquefied natural gas) and coal boosts demand for oil, which could keep the market in deficit through at least the end of the year,” the Paris-based agency said.

– Reuters