Global oil demand will hit new highs and is expected to average 102.2 million barrels per day (bpd) this year, driven by summer air travel, strong Chinese petrochemical activity, and higher oil use in power generation, the International Energy Agency (IEA) said on Friday. World oil demand is set to grow by 2.2 million bpd this year, with China accounting for more than 70% of growth, the agency said in its closely-watched Oil Market Report (OMR) for August. The growth estimate is unchanged from last month’s…
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