IEA predicts reduction in oil demand for 2021

The International Energy Agency (IEA) announced an estimated reduction in global oil demand for the years 2020 and 2021, as a result of the effects of covid-19 on the transport sector – in particular, the aerial. The announcement was made on Thursday (11).

The drop in commodity use is expected to be 8.1 million barrels (bpd) by the end of 2020, with a total of 91.9 million barrels per day (mbd). This value means 140,000 barrels per day less than the forecast Previous.

The IEA also cites a two-thirds reduction within the compared to the normal levels of July in the other years, as this month is one of the largest with regard to peak air traffic. The measurement is made in passenger-kilometers. More so, the closure of air borders due to the risk of infection was also responsible for this scenario.

For 2021, the IEA noted a fall in the global oil consumption of 5.2 million barrels per day compared to this which would lead to a total of 97.1 million bpd. Once again, weakness aviation sector was primarily responsible for the change. In addition to disos, the Agency believes that global oil consumption in December 2021 will still be 2% than recorded at the end of 2019.

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