demand is expected to exceed pre-pandemic level by the end of 2022, according to IEA

Global demand for oil, which collapsed with the Covid-19 pandemic, is expected to exceed pre-crisis levels by the end of 2022, predicts the International Energy Agency (IEA) on Friday.

«Global oil demand will continue to recover“And”by the end of 2022, demand is expected to surpass pre-Covid levelsShe wrote in a report containing her first detailed forecasts for next year. After a record decline of 8.6 million barrels (mb / d) in 2020, global demand is expected to rebound by 5.4 mb / d this year and then by 3.1 mb / d next year, to settle at 99.5 mb / d on average.

It is expected to be 100.6 mb / d in the fourth quarter of 2022, according to the IEA. The peak in global demand was reached in the fourth quarter of 2019, just before the onset of the crisis, at 100.5 mb / d. “Meeting the expected growth in demand should not be a problem”, She believes, by emphasizing in particular the additional production capacities of OPEC and its allies.

«Oil demand is expected to continue to increase»

On the other hand, the IEA once again underlines the difficulties posed in putting the world on the path to carbon neutrality and limiting global warming. “Oil demand is expected to continue to increase, underlining the enormous efforts required to achieve stated ambitionsShe remarks.

The IEA, which advises developed countries on their energy policies, had in a report published in May underlined the efforts necessary to try to keep global warming under control. It recommended in particular to forget from now on any oil or gas exploration project and not to sell new thermal cars beyond 2035.


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