Global Oil Demand Won’t Hit Pre-Virus Level Until 2023, IEA Says
- Demand in 2025 seen 2.5 million b/d lower than last forecast
- OPEC+ to dominate supply growth as U.S. shale outlook fades
With electric vehicles becoming more widespread and internal combustion engines more efficient, demand for gasoline will stagnate.
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Global oil demand won’t return to pre-pandemic levels until 2023, and growth will be subdued thereafter amid new working habits and a shift away from fossil fuels, the International Energy Agency said.
Fuel consumption will average just over 101 million barrels a day in 2023, fully recouping the 9 million a day lost last year when lockdowns emptied roads and grounded flights, the IEA said in a report.