The International Energy Agency (IEA) in its February report wrote that it expects world oil demand to grow by 5.4 million barrels per day (bpd) in 2021, reaching 96.4 mbpd and recovering almost 60% of the volume that was lost due to the pandemic in 2020. This oil demand estimate is revised down by 200,000 bpd following adjustments to historical data.
“Renewed lockdowns, stringent mobility restrictions and a rather slow vaccine roll-out in Europe have delayed the anticipated rebound until the second half of the year,” the IEA wrote.
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