The world’s appetite for oil will return to its pre-pandemic highs by the end of 2022, the International Energy Agency said
The world’s appetite for crude oil will return to its pre-pandemic highs by the end of next year but low coronavirus vaccination rates in emerging economies are pushing the pandemic’s end date further away, the International Energy Agency said Friday.
In its market report, the energy watchdog said that while it expects global oil demand in 2022’s final quarter to hit 100.6 million barrels for the first time since late 2019, it was also slashing its forecast for resurgent demand in the second half of this year. The IEA said the world will want approximately 300,000 barrels a day of crude less than previously thought in this year’s final two quarters because of slow vaccination campaigns in countries such as Brazil, India and Malaysia.
“The uneven distribution of vaccines at the global level means that this situation could persist in the second half of 2021 and into 2022, unless access to vaccines improves,” the IEA said. The report comes the day after a Wall Street Journal analysis showed thatAt the same time, the world has finally burned off the glut of oil it built up when pandemic restrictions grounded flights and shut factories and restaurants last spring.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Despite uncertainties, OPEC sticks to forecast of oil demand surge in second halfOPEC stuck to its prediction of a strong world oil demand recovery in 2021 led by the United States and China despite uncertainties stemming from the pandemic, pointing to a need for more oil from the producer group.
Read more »
Oil skids as start of U.S. summer driving season fails to lift fuel demandOil prices fell on Thursday as inventory data in the United States, the world's top oil consumer, showed a surge in gasoline stocks that indicates weaker-than-expected fuel demand at the start of summer, the country's peak season for motoring.
Read more »
Can Schools Mandate Covid-19 Vaccines for Children? What We KnowCan schools mandate Covid-19 vaccines? How effective are the shots among children? Here's what we know about whether school districts or state legislatures can mandate the vaccine for K-12 and college students
Read more »
The Exchange To Sell Hit Iranian TV Series ‘The Frog’ During Cannes MarketEXCLUSIVE: In an unusual move, but one that speaks to fluidity in the distribution landscape and increasing demand for foreign-language series, LA-based film firm The Exchange is launching world sa…
Read more »
Covid in Scotland: New vaccination drop-in centres openDrop-in vaccination centres open in the Lothians with more appointments also offered in Lanarkshire.
Read more »