This year, global demand for crude oil is likely to grow by 2.1 million barrels per day amid gas-to-oil switching, the International Energy Agency (IEA) said in its monthly oil market report.

The IEA upwardly revised its monthly forecast by 380,000 barrels per day. Meanwhile, world oil demand is now seen at 99.7 million barrels per day. Global oil supply hit a high of 100.5 million barrels per day in July, and OPEC+ ramped up total oil production by 530,000 barrels per day, in line with the agreement to increase production. Non-OPEC+ output grew by 870,000 barrels per day.

With the release of the IEA report, oil prices skyrocketed by more than 1%. Brent approached the mark of $100 per barrel:

West Texas Intermediate soared above $93 per barrel and closed at around $95.

In this report, the IEA upwardly revised the forecast for Russian oil output but lowered the outlook for North America. The agency pinpointed global oil supply disruptions and suggested that substantial further OPEC+ output increases are unlikely in the coming months.