Global oil demand will recover to pre-pandemic levels late next year, the International Energy Agency predicted, urging OPEC and its allies to keep markets balanced by tapping their plentiful spare production capacity.
World consumption will once again surpass 100 million barrels a day in the second half of 2022 as developed economies bring the virus under control, the agency said, in its first detailed outlook for the year ahead. The forecast suggests speculation that demand may have already peaked as a result of social changes in the wake of the pandemic is unfounded.
The Paris-based IEA made a direct plea to the OPEC+ alliance, led by Saudi Arabia and Russia, to continue restoring the output it cut when demand collapsed last year.
