Global oil demand not expected to recover until 2022, IEA says – The National

  • Date: 16-Jun-2020
  • Source: The National
  • Sector:Oil & Gas
  • Country:UAE
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Global oil demand not expected to recover until 2022, IEA says – The National

Global oil demand not expected to recover until 2022, IEA says. Global oil demand is not expected to recover until 2022, the International Energy Agency said in its latest oil market report.. The recent gains in prices indicate that the worst for the oil markets is over.. Demand is expected to recover by 5.7m bpd in 2021.. Oil prices rose to the highest levels in three months in early June, supported by the supply cuts undertaken by the Opec+ alliance.. The IEA expects global supply to also drop 7.2m bpd in 2020, registering only a modest increase of 1.8m bpd in 2021.. US production meanwhile is not likely to recover significantly, in spite of WTI hovering about $40 per barrel this month.. The biggest hit to global oil demand comes from the slowdown in air traffic, said the IEA.. Supply is expected to pick-up by a modest 1.7m bpd in 2021.. "We have also seen a strong rebound in India in May, although demand is still well below year-ago levels," the report said..