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Demand for oil is expected to exceed pre-coronavirus levels by the end of 2022, the International Energy Agency said on Friday.
Consumption fell by a record 8.6 million barrels a day last year as the coronavirus swept the world. A rise of 5.4 mb / d is expected this year as vaccines are rolled out and countries reopen.
In 2022, the IEA expects an increase of 3.1 mb / d, to an average of 99.5 mb / d, with an increase at the end of the year that will exceed the level of demand before the end of the coronavirus crisis.
However, the Paris-based body warned in its monthly oil market report that “the recovery will be uneven not only between regions, but between sectors and products.”
The slow distribution of vaccines, he said, could “endanger” any rebound.
The aviation sector will be the slowest to recover, as governments will maintain certain travel restrictions “until the pandemic remains tightly controlled,” the IEA added. Demand for gasoline could take longer to recover as work practices from home continue and increased adoption of electric vehicles offsets mobility.
In turn, the agency reiterated that Opec and its allies need to “open the taps” to increase oil production and keep the world well stocked. The so-called Opec + group is expected to increase production by 2 m / d between May and July.
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