OIL & GAS

Demand for crude oil likely to bounce back, says IEA chief

Dr Fatih Birol, Executive Director, International Energy Agency, today said that the global demand for crude oil might touch 100 million barrels/ day, or even more.

At a virtual press conference today, Dr Birol observed that if global economic recovery was strong and if governments did nothing to replace oil demand with other energy sources, “I wouldn’t be surprised if the global demand for oil goes back to 100 mb/d or even higher than that.”

In its oil market report of June, IEA had noted that “due to stronger than expected deliveries during the Covid-19 lockdown” and put the global oil demand at 91.7 mb/d. It also stated that oil demand rose fast in March and April in China, and in India in May.

Dr Birol said that many CEOs of oil companies, commentators and thought-leaders felt that oil demand might have peaked because of changes in lifestyles, but “I’m not sure about it.”Demand for crude oil likely to bounce back, says IEA chief

Source
the hindu businessline
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