LONDON: Prompted by a rise in Russian’s oil exports in November, the International Energy Agency has raised up its estimate for oil demand growth this year by 140,000 barrels per day to 2.3 million bpd.
The global agency has also increased its growth estimate for next year by 100,000 bpd to 1.7 million bpd for a total of 101.6 million bpd.
The IEA said on Wednesday that the rise in Russia’s oil exports comes ahead of a Dec. 5 price caps imposed by the Group of Seven rich democracies, the EU and Australia to curb Moscow’s wartime revenue.
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