Global oil demand to return to pre-Covid levels by end of 2022, IEA says

Global oil demand to return to pre-Covid levels by end of 2022, IEA says

Global oil demand is expected to return to pre-Covid levels by the end of 2022, with the rebound supported across sectors and products, according to the International Energy Agency.

Demand for crude is expected to grow this year by 5.4 million barrels per day and a further 3.1 million bpd to average 99.5 million bpd.

"While the end of the pandemic is in sight in advanced economies, slow vaccine distribution could still jeopardise the recovery in non-OECD countries," the Paris-based agency said in its report.