The International Energy Agency IEA assumes that global demand for oil will continue to recover from the shock of the corona pandemic. By the end of 2022, demand is likely to have reached pre-crisis levels again, according to new forecasts by the IEA on Friday. By then, global demand for crude oil should rise to around 100 million barrels (159 liters each) per day.
FORGET ABOUT PEAK OIL: Global oil demand will surge late next year above pre-covid levels of >100m b/d, the @IEA said on its first 2022 forecast, urging Saudi Arabia and Russia to pump more. “OPEC+ needs to open the taps to keep the world oil markets adequately supplied” | #OOTT pic.twitter.com/ATxEyTXxAb
— Javier Blas (@JavierBlas) June 11, 2021
To ensure that the increasing demand is adequately met, the IEA calls on the Opec + oil network to expand its production. “Opec + has to turn on the oil tap in order to adequately supply the global oil markets,” explained the organization. This is most likely unproblematic, since only twenty percent of the currently free capacities on the part of Opec + are required for this.
The 23 OPEC + states have been limiting their funding for a long time in order to counterbalance the weak demand caused by the corona and to stabilize prices. In the past few months, however, funding has been gradually expanded again. Oil prices are now at multi-year highs.