The IEA says oil demand will exceed previous Cov22 levels by the end of 2022
Oil demand is expected to exceed pre-coronary levels by 2022, the International Energy Agency said on Friday.
Last year, a record 8.6 million barrels a day were reduced while consumption worldwide angered the coronavirus. A return of 5.4 Mb / d is expected this year as vaccines are expanded and countries reopen.
In 2022, the IEA expects another 3.1mbmb / d increase, averaging 99.5mb / d, by the end of the year with an increase that will exceed the level of demand before the coronavirus crisis begins.
However, the Paris organization warned in its monthly oil market report that “the recovery will be different not only between regions, but also between sectors and products.”
Slow distribution of vaccines can put any bounce “at risk”.
The aviation sector will be the slowest to recover, as governments maintain certain travel restrictions “until the pandemic is under control,” the IEA added. Demand for oil may take longer to recover from home as work practices progress and as the adoption of electric vehicles increases, so does mobility.
On the other hand, the agency reiterated that Opec and its allies must “open the taps” to boost oil production and keep the world well-stocked. The Opec + team is expected to increase production by 2m b / d between May and July.
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