, increased oil use in power generation and surging Chinese petrochemical activity,” the Paris-based IEA said. “Crude and products inventories have drawn sharply” and “balances are set to tighten further into the autumn.”
The plunge in world oil demand during the COVID-19 crisis three years ago spurred speculation that consumption may be close to a peak as remote working gained in popularity and governments sought toBut the IEA data shows that, despite growing evidence of a warming planet shown by this summer’s heat waves and wildfires in the Northern Hemisphere, oil use is stronger than ever.
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