IEA: Global Coal Demand to Hit Record This Year

The International Energy Agency (IEA) has revised its forecast for global coal demand. Previously expecting a decline, the IEA now projects that demand will rise by 1.2% this year to 8.94 billion tons, reaching a record level. The revision was driven by a decrease in LNG shipments through the Strait of Hormuz and rising natural gas prices. These developments have increased the shift towards coal in electricity generation. The IEA's revised forecast indicates that global coal demand will maintain its strong course in the short term. Rising natural gas costs are pushing energy producers towards alternative sources. Not investment advice.