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Feb 26, 2021 · Oil demand is expected to return to 2019 levels by late 2021 to early 2022, depending on the duration of lockdowns and the pace of GDP recovery. Based on our Global Energy Perspective reference-case demand insights, current OPEC+ intervention will be sufficient to help balance the market in 2021, with prices remaining at a sustained level of $50 to $55/bbl through to 2025.
Feb 9, 2020 · 150,000 barrels above pre-COVID-19 levels. Short-term up to 2025 Oil demand is expected to take two to four years to return to 2019 levels, depending on the duration of lockdowns and the pace of GDP recovery. Based on our Global Energy Perspective reference-case demand insights, current OPEC+ intervention will be
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Sep 30, 2021 · Oil Demand Set To Return To Pre-COVID Level By Early 2022. Many analysts and oil companies see global oil demand returning to the pre-crisis levels of 2019 as early as the start of next year, if ...
May 5, 2020 · According to the International Energy Agency’s (IEA) latest estimates as of early May, global oil demand is set to drop by a record 9.3 million bpd in 2020 from 2019. The demand destruction in ...
Mar 17, 2021 · Demand for jet fuel—the hardest hit segment of oil demand—will not return to 2019 levels by 2024, the IEA forecasts, adding that business travel could be forever changed, with muted demand due ...
Global oil demand recovery plays out according to plan, but variants and slow vaccination outside of developed markets mean hopes of a swift boom in “pent-up” demand above 2019 levels looks unlikely. We have lifted our 3Q2021 global crude oil demand outlook by 0.3 MMb/d to 99 MMb/d, now 6.6 MMb/d above 1Q2021levels.
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When will oil demand return to 2019 levels?
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China is the only major economy where oil demand in 2020 was above 2019 levels, and demand in 2021 is expected to grow further to almost 9% above 2019 levels. Oil demand in China fell 1.3 mb/d in Q1 of 2020 as the virus hit China and mobility was curtailed; however, removal of restrictions and a sharp economic rebound through the rest of the year saw oil demand return to growth.
