Sanctions imposed on Russian oil have only had a "limited impact" on production despite a concerted Western effort to isolate Vladimir Putin's regime.
Although Russian oil exports to Europe and the US have dropped in the wake of a crackdown across the Western world, the International Energy Agency (IEA) said that demand has increased from India, China and Turkey.
The Telegraph said that, as a result, production in July was less than 3% below pre-war levels.
The IEA added: "Asian buyers have stepped in to take advantage of cheap crude."
The agency believed that world oil consumption will jump by 2.1million barrels a day this year as factories and power generators try to dodge rocketing gas prices.
It said this extra demand would be "overwhelmingly concentrated" in the Middle East and Europe.
Soaring temperatures have fuelled demand for air conditioning, particularly in the Middle East, where a significant amount of oil is burned during summer to generate electricity.
Rise in oil demand
The IEA warned the rise in oil demand would emerge against a backdrop of tighter supply.
However, the agency's predictions clashed with a new report from Opec, the oil-producing group, which said it expects a surplus this quarter as activity slows.
Europe is scrambling to build up its energy stockpiles ahead of the winter, amid expectations the Kremlin will move to further cut off gas supplies to raise pressure on the West over sanctions.
The process is being frustrated by a huge summer heatwave, which has damaged energy systems by drying rivers and lowering wind-turbine output.
The Telegraph states that German officials warned the crucial Rhine waterway will fall to even-lower levels than previously feared, with a key section expected to become virtually impassable today.
A full closure of the river could disrupt the daily trade of 400,000 barrels of oil products, according to consultant Facts Global Energy, piling further pressure on Europe's energy-supply chain.
In Egypt, ministers backed a plan to ration electricity usage as part of efforts to preserve natural gas for export to the EU and elsewhere.
Shops will have to limit the use of strong lighting and keep air-conditioning temperatures above a certain level.