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Global/Oil Demand – IEA sees COVID blow to oil demand in 2021, surplus in 2022 (Al Jazeera)

The International Energy Agency now predicts global oil demand will rise 5.3 million barrels per day on average to 96.2 million bpd in 2021, a downward revision that is due in part to the spread of the Delta variant of the coronavirus [File: Andrey Rudakov/Bloomberg]

The International Energy Agency now predicts global oil demand will rise 5.3 million barrels per day on average to 96.2 million bpd in 2021, a downward revision that is due in part to the spread of the Delta variant of the coronavirus [File: Andrey Rudakov/Bloomberg]

Kaelyn Forde

The outlook for global oil markets darkened on Thursday after the International Energy Agency (IEA) said that slowing demand for crude in the wake of restrictions imposed to curb the fast-spreading Delta variant is colliding with a recent increase in global crude production. But the news is likely to be welcomed by the White House, which on Wednesday prodded the Organization of the Petroleum Exporting Countries (OPEC) to open the oil taps further, which would help lower petrol prices in the United States during the height of the summer driving season.

IEA sees COVID blow to oil demand in 2021, surplus in 2022 | Coronavirus pandemic News | Al Jazeera