world demand for oil is on the rise again. While it had collapsed with the Covid-19 pandemic, it is expected to exceed pre-crisis levels by the end of 2022, according to predictions by the International Energy Agency (OUCH). “Global oil demand will continue to pick up” and by the end of 2022, demand is expected to “surpass pre-Covid levels,” she wrote in a report published this Friday, June 11, containing her first detailed forecast 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, then by 3.1 mb / d next year, for s’ set 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 said, highlighting in particular the additional production capacities of OPEC and its allies.
Still more efforts to be made in terms of the environment
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 should continue to increase, underlining the enormous efforts required to achieve the stated ambitions,” she notes. 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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