IEA: Oil Demand Will Not Return To Pre-Crisis Levels Until 2023

Global oil demand will take until 2023 to return to the pre-pandemic levels of 100 million bpd, but COVID-19 will change parts of consumer behavior forever with global gasoline demand likely past its peak already, the International Energy Agency (IEA) said on Wednesday in its annual Oil 2021 report with projections through 2026. By 2026, global oil demand is expected at 104.1 million bpd, up by 4.4 million bpd compared to 2019 levels. Still, consumption in 2025 is projected 2.5 million bpd lower than the agency’s estimates from last year.…