IEA revises up 2022 average oil price assumption to $79.40 a barrel

LONDON - The International Energy Agency (IEA) on Tuesday upped its assumption for the 2022 average Brent crude oil price to $79.40 a barrel and $71.50 a barrel this year.

"We publish our price assumptions when we think that this can be useful for the understanding of our forecast," the IEA said in a statement to Reuters.

"As current prices are getting more elevated, they start to have a significant effect on demand," it added.