Oil: global demand revised downwards
Due to the progression of the Covid-19 pandemic, several oil-intensive countries, particularly in Asia, are expected to reduce mobility and the use of oil in the second half of 2021, according to the international energy agency.
AFP - PAUL RATJE
Text by: RFI Follow
2 min
After a rebound in June, demand for oil in 2021 revised downwards by the International Energy Agency.
In question, the progression of the Delta variant all over the world.
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A resumption of transport in June, particularly in the air in North America and Europe, certainly boosted demand by 3.8 million barrels days compared to May.
But the second half of the year promises to be more gloomy than expected, according to the international organization.
Due to the spread of the pandemic, several oil-intensive countries, particularly in Asia, are expected to "
reduce mobility and use of oil
" in the second half of the year, according to the agency.
A reference to China where the economic slowdown seems to be confirmed.
The expected increase this year would be only 5.3 billion barrels a day, against 5.6 previously.
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To read also: Oil: the revenues of large companies soar
Excess supply in 2022?
On the oil production side, the increase is progressing rapidly according to the agency, which shares the assessments of the organization of OPEC producer countries.
Supply increased by 1.7 billion in July thanks to the end of voluntary cuts in particular.
This uptrend is expected to continue, according to the agency.
OPEC members and their ten allies have agreed to increase production by 400,000 barrels per day every month.
To the point according to the agency that the supply could become surplus again in 2022.
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To read also: Oil: OPEC + agrees on a further modest increase in its production
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