Sign Up for FREE Daily Energy News
CDN NEWS  |   US NEWS  | TIMELY. FOCUSED. REVELANT. FREE
  • Stay Connected
  • linkedin
  • twitter
  • facebook
  • instagram
  • youtube2
BREAKING NEWS:
Copper Tip Energy Services
WEC - Western Engineered Containment
Hazloc Heaters
Copper Tip Energy
Hazloc Heaters
WEC - Western Engineered Containment

Despite green talk, pre-COVID oil demand seen returning soon


English Français 简体中文
These translations are done via Google Translate
Oil storage containers are seen, amid the coronavirus disease (COVID-19) pandemic, in Los Angeles, California, U.S., April 7, 2021. REUTERS/Lucy Nicholson

Oil storage containers are seen, amid the coronavirus disease (COVID-19) pandemic, in Los Angeles, California, U.S., April 7, 2021. REUTERS/Lucy Nicholson

LONDON, Sept 14 (Reuters) – World oil demand will rise back above 100 million barrels per day, a level last reached in 2019, as soon as the second quarter of next year, according to major forecasters, challenging views that the pandemic may curb oil use for longer or for good.

The International Energy Agency, the Organization of the Petroleum Exporting Countries and the U.S. government’s Energy Administration all updated their world oil demand and supply estimates in monthly reports in the past week.

“Economies are reopening and recovering further from the pandemic,” said Carsten Fritsch, analyst at Commerzbank. “A peak in demand and it starting to decline is still some years off.”

Before the pandemic, the rise of electric cars and a shift to renewable energy were already prompting downward revisions in long-term oil demand forecasts. As COVID-19 dented fuel use, oil companies, producers and analysts brought forward views on when demand for oil may peak. read more

In one such scenario from BP, COVID-19 accelerated the slowdown in oil consumption, leading it to peak in 2019. Energy consultancy DNV GL said in 2020 global oil demand and carbon dioxide emissions probably peaked in 2019.

Although trends may have been accelerated by the pandemic, such as more electric cars on the road and more employees working from home, such a peak won’t happen in 2022, according to the three agencies in their monthly reports for September.

Oil use rises above 100 million barrels per day in 2022
Oil use rises above 100 million barrels per day in 2022

OPEC is the most optimistic of the three on the pace of oil demand growth. The producer group sees the world using 100.15 million bpd in the second quarter of 2022, up from 100.03 million bpd on average in 2019.

“The end of fossil fuel use is far from reality,” said an official from a major OPEC producer. “Renewable sources cannot cover all usages of fossil fuels.”



Share This:



More News Articles


New SHOWCASE Directory Companies

 

The Coverall Shop
Muddy Boots
Delta Remediation Inc.
Axis Communciations
Payload Technologies Inc.
Di-Corp
Smart-Project Management Inc. / Trusted Pipeline Advisor
Vista Projects Limited