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Tuesday, March 5, 2024

IEA: Global oil demand will reach pre-crisis levels by the end of 2022

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.

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.

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