The Biden administration is considering restocking the Strategic Petroleum Reserve, supporting oil prices that had dropped as low as $85 per barrel on bearish inflation data.
Furthermore, in its September report, the International Energy Agency (IEA) said that it expects widespread switching from gas to oil which could partially offset demand slowdown. World oil demand is forecast to rise by 2 mb/d in 2022 and 2.1 mb/d in 2023.
