Global oil demand will exceed pre-Covid-19 levels this year, thanks to advancing vaccination efforts against the disease and the fact that recent waves of the virus have not been severe enough to require a resumption of more serious measures. energy, according to an assessment by the International Energy Agency (IEA).
In a monthly report published on Wednesday, the 19th, the IEA raised its forecast for world oil consumption in 2022 by 200,000 barrels per day (bpd), to 3.3 million bpd. For 2021, the Paris-based entity has also raised its demand advance estimate by 200,000 bpd to 5.5 million bpd.
“The number of cases of covid is exploding worldwide, but the measures that governments have been taking to contain the virus are less severe than in previous waves, and its impact on economic activity and demand for oil remains relatively contained”, says the agency. .
The IEA predicts total oil demand this year is expected to reach 99.7 million bpd, about 200,000 bpd above the levels of 2019, the year before the pandemic began. A month ago, the agency was less optimistic and calculated that demand in 2022 would be similar to pre-pandemic levels.
Also in the document, the IEA estimates that global oil supply rose modestly from 130,000 bpd in December to 98.6 million bpd. OPEC+ production – a group formed by OPEC and ten partners, including Russia – expanded by 250,000 bpd in the last month.
This year, the IEA projects that supply outside of OPEC+ will grow by 1.8 million bpd.
The IEA also reported that the Organization for Economic Cooperation and Development (OECD) oil stocks fell by 6.1 million barrels in November, to 2.76 billion barrels, the lowest level in seven years. Preliminary data suggest that there was a new drop in December, of 45 million barrels. Source: Dow Jones Newswires.
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