If you’re trying to figure out why the price of diesel is soaring, look no further than the first two pages of the International Energy Agency’s August report.
The closely watched monthly report on the world’s supply and demand balance can be summed up from two sentences in the opening summary.
“World oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation and surging Chinese petrochemical activity,” said the opening sentence of the IEA’s...