Energy Magazine May 2021 | Page 16

World oil demand and supply ( mb / d ):

TIMELINE

IEA OIL

2021 Report

Global oil demand , still reeling from the effects of the pandemic , is unlikely to catch up with its pre- Covid trajectory . In 2020 , oil demand was nearly 9 mb / d below the level seen in 2019 , and it is not expected to return to that level before 2023 . In the absence of more rapid policy intervention and behavioural
changes , longer-term drivers of growth will continue to push up oil demand . As a result , by 2026 , global oil consumption is projected to reach 104.1 mb / d . This would represent an increase of 4.4 mb / d from 2019 levels . Oil demand in 2025 is set to be 2.5 mb / d lower than was forecast a year ago in the IEA ’ s Oil 2020 report .
World oil demand and supply ( mb / d ):
1Q21 2Q21 3Q21
4Q21 2021
DEMAND :
DEMAND :
DEMAND :
DEMAND :
DEMAND :
Total OECD :
Total OECD :
Total OECD :
Total OECD :
Total OECD :
43.3
43.8
45.4
46.5
44.7
Total Non-OECD :
Total Non-OECD :
Total Non-OECD :
Total Non-OECD :
Total Non-OECD :
50.7
51.1
52.3
52.7
51.7
Total Demand :
Total Demand :
Total Demand :
Total Demand :
Total Demand :
93.9
94.9
97.7
99.2
96.5
SUPPLY :
SUPPLY :
SUPPLY :
SUPPLY :
SUPPLY :
Total OECD :
Total OECD :
Total OECD :
Total OECD :
Total OECD :
27.8
28.1
28.3
28.7
28.2
Total Non-OECD :
Total Non-OECD :
Total Non-OECD :
Total Non-OECD :
Total Non-OECD :
30.3
30.8
30.8
30.7
30.6
Total Non-OPEC :
Total Non-OPEC :
Total Non-OPEC :
Total Non-OPEC :
Total Non-OPEC :
62.5
63.9
64.5
64.6
63.9
16 May 2021