World oil demand ‘will rebound to pre-Covid levels by end of 2022’

world oil demand will rebound to pre covid levels by end of 2022

Sumary of World oil demand ‘will rebound to pre-Covid levels by end of 2022’:

  • The world demand for oil will rebound to pre-pandemic levels by the end of 2022, as recovering economies require oil-producing countries to pump more fossil fuels, according to the International Energy Agency (IEA)..
  • Members of the Organization of Petroleum Exporting Countries (Opec) and their allies, including Russia, collectively known as Opec+, will need to “open the taps to keep the world oil markets adequately supplied”, the global energy watchdog said in its monthly oil report..
  • The watchdog forecast of rising appetite for crude threatens to disappoint those who had hoped that global oil use might have peaked in 2019 before the pandemic, and underlines the “enormous effort required to get on track”.
  • The IEA cautioned that while the end of the pandemic is in sight in advanced economies, “slow vaccine distribution could still jeopardise the recovery in non-OECD countries”….

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