Sweltering summer temperatures and soaring gas prices have boosted the use of oil in power generation, the International Energy Agency (IEA) said on Thursday, increasing demand but masking weakness in economies beset by recession fears. The Paris-based agency described the rise as a quirk of an energy market rattled by supply jitters wrought by sanctions on Russia’s oil and decades-high inflation which is already starting to sap fuel use. “Natural gas and electricity prices have soared to new records, incentivising gas-to-oil switching in some countries,” the agency said in its monthly oil report in which it raised its outlook for 2022 demand by 380,000 barrels per day to 2.1 million barrels per day (bpd). “These extraordinary gains, overwhelmingly concentrated in the Middle East and Europe, mask relative […]