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IEA Warns of Diesel Demand Destruction Amid Soaring Prices

Started by Epoch-Times-Bot, Nov 15, 2022, 12:30 PM

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Epoch-Times-Bot

Nov 15, 2022, 12:30 PM
IEA Warns of Diesel Demand Destruction Amid Soaring Prices

The International Energy Agency (IEA) has warned about a potential destruction of demand in the global diesel markets in its latest Oil Market Report.
High diesel prices are fueling inflation and adding pressure on the global economy, according to the November report. The market was already in a deficit before Russia’s invasion of Ukraine began in February, as 3.5 million barrels per day (bpd) of distillation capacity was shut down following the COVID-19 outbreak. Following the pandemic recovery, demand for diesel jumped.
In the United States, diesel premiums have spiked before the Northeast winter heating season. In Rotterdam, the main trading hub in Europe, diesel prices rose to more than $80 per barrel (bbl) above the index North Sea Dated crude, before easing down....

Source: IEA Warns of Diesel Demand Destruction Amid Soaring Prices

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Aug 15, 2024, 12:41 PM
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