IEA expects global oil demand to rise by 5.4 million bpd in 2021

Paris-based International Energy Agency (IEA) expects the global demand for oil to rise this year, despite the continued increase in coronavirus cases putting pressure on a number of countries.

In its monthly report issued today, July 13, the agency said the global demand for crude may rise by about 5.4 million barrels per day (bpd) this year, and by about 3 million bpd in 2022.

The report stressed that global demand for crude rose in June by about 3.2 million bpd to 96.8 million bpd, after declining in April and May, while indicating an increase in global supply by 1.1 million bpd in June at 95.6 million bpd.

IEA expects that the Q3 2021 will witness the largest drawdown of stocks in the past decade, while it pointed to an increase in industrial stocks in the Organization for Economic Cooperation and Development (OECD) by about 18.1 million bpd in May.