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IEA upgrades forecast for oil demand growth in 2021 to 5.7 mln bpd

The calculation is taking into account more favorable forecasts for the economy and strong operating indicators

© Alexei Andronov/TASS

MOSCOW, April 14. /TASS/. Global oil demand in 2021 will recover by 5.7 mln barrels per day (bpd) after falling by 8.7 mln bpd in 2020, supported by favorable macroeconomic forecasts, according to the April report from the International Energy Agency (IEA). The agency boosted its estimate of demand growth by 230,000 bpd compared to March.

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OPEC expects global oil demand to grow by 6 mln bpd in 2021

It is now expected that global oil demand in 2021 will reach 96.7 mln bpd. Based on the report, the calculation is taking into account more favorable forecasts for the economy and strong operating indicators.

At the same time, the IEA noted that the demand recovery is still fragile, as the number of coronavirus cases in oil-consuming countries is still increasing.

Meanwhile, oil supplies from non-OPEC countries will recover by 610,000 bpd in 2021 against a decline of 1.3 mln bpd in 2020, the IEA noted. Oil supplies from the United States will continue to decline in 2021 by another 100,000 bpd after falling by 600,000 bpd in 2020.

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