IEA decreases its forecast on global oil demand

IEA decreases its forecast on global oil demand
# 12 May 2021 12:48 (UTC +04:00)

"Under the current OPEC+ production scenario, supplies won’t rise fast enough to keep pace with the expected demand recovery. As vaccination rates rise and mobility restrictions ease, global oil demand is set to soar from 93.1 mb/d in 1Q21 to 99.6 mb/d by year-end," APA-Economics reports citing the monthly report of the International Energy Agency.

"Weaker-than-expected 1Q21 oil use in the United States and Europe and a reduced outlook for India due to the recent surge in Covid-19 led us to revise down 2021 demand growth to 5.4 mb/d. The forecast for the second half of the year is largely unchanged, however, on the assumption that the situation in India and elsewhere improves," noted in the report.

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