Oil demand to reach record by 2026: IEA
Global oil demand will return to pre-pandemic levels in two years and reach record heights by 2026, the International Energy Agency said Wednesday.
Oil markets and the world economy are recovering from the massive collapse in demand caused by the coronavirus pandemic, the IEA said in an annual report.
“The Covid-19 crisis caused a historic decline in global oil demand — but not necessarily a lasting one,” IEA executive director Fatih Birol said in a statement.
As people get vaccinated and restrictions are lifted, demand will return to its 2019 level by 2023, according to the report.
The IEA’s five-year projections estimates global demand will rise each year to reach 104 million barrels a day (mb/d) by 2026, a gain of four percent from the level in 2019.
