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IEA downgrades oil demand growth forecast in 2021 due to lockdowns in Asia

Thus, in 2021, oil consumption in the world may grow to 96.2 mln bpd

© AP Photo/Tony Gutierrez

MOSCOW, August 12. /TASS/. Global oil demand in 2021 will grow by 5.3 mln bpd, according to the IEA's August report. At the same time, in July, the agency estimated the potential demand at 5.4 mln bpd.

Thus, in 2021, oil consumption in the world may grow to 96.2 mln bpd. For 2022, the IEA demand growth forecast has been raised by 0.2 mln bpd to 3.2 mln bpd.

The downgrade of the demand recovery is primarily due to the fact that recently several Asian countries, key oil importers, have introduced new restrictions due to the spread of coronavirus, which could potentially limit mobility in these regions. The IEA noted that the estimate for the growth in demand decreased most of all in the second half of 2021.

And although global demand in July grew by 3.8 mln bpd due to increased activity in Europe and North America, it has already changed its course, experts write in the IEA reported.

At the same time, the oil market is struggling not so much for the balance of supply and demand, according to the IEA, as it is trying to survive in search of a new business model due to the global energy transition.

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