Energy Watch Group

Global oil demand will rise more than previously forecast this year as heatwaves and soaring gas prices are prompting countries to switch fuels for power generation, the International Energy Agency has said.    

Gas consumption will contract slightly this year due to high prices and reduced volumes of Russian gas to Europe, and will see only slow growth in the coming years as consumers switch to alternative energy sources.

In its latest quarterly report on gas markets, the International Energy Agency (IEA) cut its forecast for global gas demand in half.

The International Energy Agency has said that its member countries are releasing 60 million barrels of oil from their emergency reserves on top of previous U.S. pledges to take aim at energy prices that have soared since Russia invaded Ukraine.