IEA increases global oil demand forecast for 2021 and 2022

Oil

The International Energy Agency (IEA), in their latest monthly report, increased oil demand growth for 2021 by 170 K b/d to 5.5 M b/d y-o-y and by 210 K b/d to 3.3 M b/d in 2022. As such, global oil demand is forecast at 96.31 M b/d and 99.60 M b/d in 2021 and 2022 respectively. Oil demand in 2022 is forecast to surpass pre-Covid levels of 99.54 M b/d in 2019. Meanwhile, OPEC, in their latest report, lowered oil demand growth from 5.96 M b/d to 5.82 M b/d in 2021, with oil demand forecast to average 96.6 M b/d in 2021 and maintaining the view oil demand will surpass 100 M b/d in 2022.