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Oil demand to surpass pre-Covid levels by end of 2022, says IEA

Oil demand is predicted to exceed pre-coronavirus levels by the end of 2022, the International Energy Agency stated on Friday.

Consumption declined by a report 8.6m barrels a day final yr as coronavirus raged all over the world. It is predicted to rebound by 5.4m b/d this yr as vaccines are rolled out and international locations open up once more.

In 2022, the IEA expects an additional 3.1m b/d enhance, to common 99.5m b/d with a rise on the end of the yr that may surpass the extent of demand earlier than the coronavirus disaster took maintain.

Still, the Paris-based physique warned in its month-to-month oil market report that “the recovery will be uneven not only among regions but across sectors and products”.

Slow vaccine distribution, it stated, might “jeopardise” any rebound.

The aviation sector would be the slowest to get well as governments hold in place sure journey restrictions “until the pandemic is brought firmly under control”, the IEA added. Petrol demand might take longer to get well as work-from-home practices proceed and the rising adoption of electrical autos offsets elevated mobility.

In flip, the company reiterated that Opec and its allies want to “open the taps” to increase oil manufacturing and hold the world nicely equipped. The so-called Opec+ group are anticipated to increase manufacturing by 2m b/d between May and July.

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