Unprecedented Global Oil Demand Surges, IEA Forecasts Potential Price Rise

The world's need for oil is at an all-time high, mainly driven by China and other countries. The International Energy Agency (IEA) reported that in June, we used 103 million barrels of oil each day. This might even go higher in August. These higher demands, along with Saudi Arabia and its friends limiting the oil they give out, are making oil markets tight.

This is because people are traveling more in the summer, using more oil for power, and China is using more oil for making things. This is causing us to use up the oil we have in storage, and it looks like this will keep happening through the autumn.

Oil prices are also going up because of this. They reached a high point of over $88 per barrel in London recently, but now they are a bit lower at around $87.

A while ago, people thought we might not use as much oil because of remote work and a focus on cleaner energy. But the data from IEA shows that we're using more oil than ever. Even though we're worried about climate change, this doesn't seem to be stopping us from using more oil.

China is using a lot more oil, and even developed countries are using more than before. This is causing oil prices to go up.

The IEA thinks that next year, as cars get more efficient and electric cars become more popular, we might not need as much oil. But for now, the amount of oil we're using is making oil markets tight. This means there's not as much oil stored up, and this might make oil prices go even higher.

Some countries are worried that if oil prices go up, it might make things more expensive for people. But the people who control how much oil is available, like Saudi Arabia and its friends, say they might cut back even more if they need to.

OPEC, a group of countries that makes a lot of the world's oil, is also giving out less oil right now. This is because Saudi Arabia and Russia, who are part of this group, are sending out less oil.

OPEC thinks that even though there might be a bit less demand for their oil in the coming months, they'll still need to give out a lot. This could make oil prices go even higher.

So, the world's need for oil is rising, and the amount of oil we have is getting lower. This is affecting how much oil costs. As we look towards the future, the way we use energy is changing, and this is causing shifts in the oil market that we'll be watching closely.