Gas Shortage Forces Power Plants to Switch to Oil, Boosting Demand

Soaring natural-gas and coal prices are forcing power-generation companies and manufacturers to switch to using oil, a trend that could add half a million barrels a day to global demand, the International Energy Agency said Thursday.

In its monthly market report, the IEA increased its global oil-demand forecasts for this year and the next by 170,000 and 210,000 barrels a day, respectively, but added that the cumulative effect of the energy crisis could be as large as 500,000 barrels a day from September through next year’s first quarter.

Disclaimer that the site operates automatically without human intervention, so all articles, news and comments posted on the site are the responsibility of the owners and the website manages them do not bear any moral or legal responsibility for the content of the site.
"All rights reserved for their owners"

Source:" WSJ "

Get the latest news delivered to your inbox

Follow us on social media networks

PREV Australian Miner Places $2 Billion Copper Bet on Energy Transition
NEXT Effort to Bar Tech Companies From 'Self-Preferencing' Gains Traction