According to the International Energy Agency (IEA), global oil demand fell for the third straight month in August, following an increase in Covid-19 cases in Asia, but surged in the last few months of the year. Recovery may continue.
Our Energy Correspondent Gillian Ambrose explains:
Global Energy Watchdog forecasts oil demand for the third quarter at 200,000 barrels a day after China takes new steps to cut travel to one-third to stop the latest outbreak of Covid-19 It has been revised downward.
“Global oil demand continues to be under pressure from toxic Covid-19 Delta variants in key consumption areas. Especially part of AsiaThe Paris-based agency said in its latest monthly oil market report.
IEA Weak demand in recent months Oil demand will recover in October as Asia’s energy-hungry economy begins to resume with the help of a decline in Covid-19 cases, advances in vaccine production, and less restrictive social distance measures. Expected.
The report said:
“There are already signs of COVID cases, and demand is expected to recover sharply by 1.6 million barrels (bpd) per day in October and will continue to grow until the end of the year.”
Due to the deceleration, the IEA oil The annual growth forecast is 105,000 barrels of oil per day, while the 2022 forecast will increase by 85,000 barrels per day to 3.2 million barrels per day.
Global oil consumption is expected to average 99.1 million barrels per day this year, about 4.7 million barrels per day more than last year, but 1.1 million barrels per day less than 2019.
Global market prices continue to rise despite the slowdown in the oil market during the summer, with US oil production returning to full strength two weeks after Hurricane Aida caused oil turmoil. Due to its lateness, it reached a six-week high of $ 73.51 earlier this week. -Rich Gulf Coast.
This week’s bad weather is expected to cause further confusion. Tropical Cyclone Nicholas Royal Dutch Shell has been forced to evacuate staff from the Gulf of Mexico oil platform, while other companies are preparing for rain and hurricanes.
The unplanned US outage offset the increase in supply from Organization of Petroleum Exporting Countries (Opec) And its allies reduced the world’s total oil supply by 540,000 barrels per day last month.
UK salaries will return to pre-pandemic levels in record vacancies.Global Oil Demand Decreases – Business Live | Work
Source link UK salaries will return to pre-pandemic levels in record vacancies.Global Oil Demand Decreases – Business Live | Work