Oil demand to exceed pre-Soviet levels by end of 2022, IEA says

Demand for oil is expected to exceed coronavirus levels by the end of 2022, the International Energy Agency said on Friday.

Coronavirus was rampant in the world when consumption fell by a record 8.6 million barrels last year. It is expected to recover at 5.4mb / d this year as vaccines spread և countries reopen.

In 2022, the IEA expects a further increase of 3.1 Mbps, with an average of 99.5 miles / day, with an increase by the end of the year that will exceed the level of demand before the coronavirus crisis begins.

Still, the Paris-based body warned in its monthly oil market report that “recovery will be unequal not only between regions but also between sectors and commodities.”

According to him, the slow distribution of vaccines can “risk” any return.

The aviation sector will recover most slowly as governments maintain certain travel restrictions “until the epidemic is tightly controlled,” the IEA added. Recovery of gasoline demand may take longer as home operations continue,, increasing adoption of electric vehicles compensates for mobility.

For its part, the agency reiterated that Opec և its allies must “open the taps” to boost oil production to keep the world well supplied. The so-called Opec + group is expected to increase production by 2 million bp in May-July.

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