Global oil demand has hit a record and may move higher in August, threatening to prolong a recent rally in crude prices, the International Energy Agency said on Friday.
Demand reached an all-time high of 103mn barrels a day in June driven by better than expected economic growth in OECD countries, strong summer air travel and surging oil consumption in China, particularly for petrochemical production, the IEA said in its monthly oil report.
The data on rising global oil consumption shows that global efforts to cut carbon emissions are yet to have a significant impact on oil demand, just as the summer in the northern hemisphere has been rocked by record temperatures and wildfires.
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