IEA – Oil demand will not return to pre-pandemic levels before 2022

The International Energy Agency (IEA) on Tuesday, in its monthly report, raised the forecast for 2020 oil demand by nearly 500,000 bpd due to stronger than expected imports in Asia.

Key Highlights:

• Oil demand is recovering from the greatest fall in its history in 2020.
• Oil demand to grow by 5.7 million bpd to 97.4 million bpd, 2.4 million bpd below the 2019 levels.
• Reduced jet and kerosene deliveries will impact total oil demand until at least 2022.
• Less flying due to coronavirus fears means the world will not return to pre-pandemic demand levels before 2022.