Global Oil Demand to Grow by 5.4 Mln Bpd in 2021 – IEA

Paris – The International Energy Agency (IEA) downgraded its forecast for the global oil demand in 2021 and now expects it to grow by 5.4 million barrels per day, compared to 5.7 million barrels in the April oil market report.

“The recovery in global oil demand remains fragile as surging Covid cases in countries such as India and Thailand offset recent more positive trends in Europe and the US,” IEA said in its oil market report, released on Wednesday.

“The growth in global oil consumption is now forecast at 5.4 mb/d year-on-year (y-o-y) in 2021, 270 kb/d lower than in our last Report,” the agency added.