IEA hikes global oil demand forecast for 2021

14/04/2021 Argaam

Oil barrels

The International Energy Agency (IEA) raised its global oil demand estimate for 2021 as the world economy begins to recover from the COVID-19 pandemic.

 

In its monthly report, the Paris-based agency said that global oil demand will grow 230,000 barrels per day (bpd) faster than previously forecast, reaching 5.7 million bpd in 2021 to 96.7 million bpd.

 

Furthermore, IEA hiked its forecast for oil demand in the US for the second half of 2021 by about 365,000 bpd amid swift COVID-19 vaccine rollout and hefty US stimulus package.

 

In a recent report, the Organization of the Petroleum Exporting Countries (OPEC) increased the growth forecast for world oil demand by 100,000 bpd compared to its March report.

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