IEA: Global Oil Demand Recovering in 2021, but Near-Term Future Depends on Government, Consumer Decisions

SUGAR LAND--March 17, 2021--Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--Global oil supply is expected to exceed global demand for the next few years, as the world works through the supply cushion created by the COVID-19 pandemic, according to Oil 2021, a medium-term outlook released today by the International Energy Agency (IEA) (Paris, France). But, absent government action and behavioral changes, global demand is projected to return to its pre-pandemic level by 2022, and add another 4 million barrels per day (BBL/d) of demand, about 4% over the pre-pandemic level of 100 million BBL/d, by 2026, the report said.

Within this article: Details on where oil demand could be headed after the pandemic abates, and what measures could be taken to reduce oil demand.

Companies featured: BP plc (NYSE:BP), Royal Dutch Shell plc (NYSE:RDS.A), Exxon Mobil Corporation (NYSE:XOM)