(Reuters) – Oil demand is recovering from the greatest fall in its history in 2020, the International Energy Agency (IEA) said on Tuesday, but a drop in flying due to the coronavirus means the world will not return to pre-pandemic demand levels before 2022.
“Our first forecast for 2021 as a whole shows demand growing by 5.7 million barrels per day (bpd), which, at 97.4 million bpd, will be 2.4 million bpd below the 2019 level,” the IEA said in its monthly report.
“Reduced jet and kerosene deliveries will impact total oil demand until at least 2022 … the aviation industry is facing an existential crisis”, the Paris-based IEA said.
