IEA Upgrades Oil Demand Growth Forecast for 2021 by 230,000 Barrels a Day, Report Says


MOSCOW (Sputnik) – The International Energy Agency (IEA) upgraded the forecast for oil demand growth by 230,000 barrels a day to 5.7 million barrels a day (mbd), but noted that the post-COVID recovery remained fragile.

Last month, the IEA also upgraded the forecast for world oil demand growth in 2021 by 0.1 mbd to 5.5 mbd.

The upgrade was largely driven by China and the United States, where consumption is expected to climb up this year, the agency noted.

At the same time, the IEA has revised down forecast for oil output growth outside the OPEC+ alliance in light of the remaining COVID-19 challenges.

The IEA improved forecast for US oil supply fall this year and now expects the decline to stand at 100,000 barrels a day.

“For the United States, the world’s biggest oil producer, we now expect to see supplies ease by 100 kb/d in 2021 after falling by nearly 600 kb/d in 2020,” the agency noted.


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