Global oil demand will surpass pre-pandemic levels this year, thanks to rising coronavirus immunization rates and as recent surges of the virus have not proven serious enough to justify a return to strict quarantine measures, the International Energy Agency has said. IEA).
In its monthly report on the oil market, the IEA raised its estimate for oil demand for next year, by 200,000 barrels per day, to 3.3 million barrels per day.
The agency also upgraded estimates for increased demand for 2021 by 200,000 barrels per day to 5.5 million barrels per day.
Considering the IEA’s more optimistic forecasts are signs that recent mutations of the virus have spread faster but were less lethal, helping to boost global financial resilience to the virus and allowing states to continue a gradual lifting of restrictions.
“The number of coronavirus outbreaks is exploding worldwide, but the measures taken by governments to contain the coronavirus are less severe than in previous waves and their impact on economic activity and oil demand remains relatively sluggish,” he said. .
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