Sumary of Oil demand set to exceed pre-pandemic levels in 2022: IEA:
- However, the Paris-based agency that advises oil-consuming nations warned that “the recovery will be uneven not only amongst regions but across sectors and products.”.
- Demand is expected to recover faster in wealthy nations with earlier access to vaccines, while some sectors like aviation lag as some travel restrictions remain in place and more people work from home than before..
- It said the recent surge in cases in many developing nations should serve as a reminder that the pandemic is not over, and noted that global oil demand dipped in May due to the outbreaks..
- Moreover, it doesn’t exclude new outbreaks from occurring as nations such as India aren’t expected to vaccinate a sufficient number of people until late next year while many African countries have yet to order enough doses..
- Meanwhile, OPEC+ nations have 6.9 mbd of spare capacity even after lifting production by 2 mbd over the May-July period..
- The IEA noted that oil industry stocks in the OECD advanced nations fell below their pre-COVID 2015-19 average for the first time in more than a year…