IEA says a variant of Omicroncovid that weighs on global demand for oil

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Tank trucks will be on Tuesday, April 27, 2021 at Chevron Corp in San Aard, California, USA. You will pass the well pump jack operated by.

David Paul Morris | Bloomberg | Getty Images

The International Energy Agency announced on Tuesday that oil demand will be lower than next year’s forecast as it has revised its daily outlook for 100,000 barrels per day both for the rest of the year and in 2022.

The IEA reports that global oil demand will increase by 5.4 million barrels per day in 2021 and 3.3 million barrels per day in 2022 to 99.5 million barrels per day, the pre-pandemic level. He said it was expected to reach.

However, recovery is expected to be impacted by a new surge in Covid-19 cases where jet fuel has been hit hard, the report said. The author stated that the emergence of new Omicron variants has already introduced new restrictions on international travel.

However, the IEA added that while the increase in new Covid cases was expected to slow demand, it was not expected that the already ongoing recovery would completely fail.

Production that exceeds demand

Pessimistic outlook for oil prices

The IEA has also revised its outlook for oil prices downwards.

“Our oil price assumptions (based on the forward curve) are about 15% lower in 2022 than in last month’s report,” the report author said. “”Brent Prices average $ 70.80 / barrel in 2021 and $ 67.60 / barrel in 2022. “

Brent crude futures fell slightly on Tuesday, erasing previous profits trading at around $ 74.27 a barrel at 10 am London time.

US West Texas intermediate crude oil futures were also slightly lower, trading at just over $ 71 a barrel.

IEA says a variant of Omicroncovid that weighs on global demand for oil

Source link IEA says a variant of Omicroncovid that weighs on global demand for oil

The post IEA says a variant of Omicroncovid that weighs on global demand for oil appeared first on Eminetra.

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