TIMELINE
IEA OIL
2021 Report Global oil demand, still reeling from the effects of the pandemic, is unlikely to catch up with its preCovid trajectory. In 2020, oil demand was nearly 9 mb/d below the level seen in 2019, and it is not expected to return to that level before 2023. In the absence of more rapid policy intervention and behavioural
changes, longer-term drivers of growth will continue to push up oil demand. As a result, by 2026, global oil consumption is projected to reach 104.1 mb/d. This would represent an increase of 4.4 mb/d from 2019 levels. Oil demand in 2025 is set to be 2.5 mb/d lower than was forecast a year ago in the IEA’s Oil 2020 report.
World oil demand and supply (mb/d): 1Q21
2Q21
3Q21
4Q21
2021
DEMAND:
DEMAND:
DEMAND:
DEMAND:
DEMAND:
Total OECD:
Total OECD:
Total OECD:
Total OECD:
Total OECD:
43.3
43.8
45.4
46.5
44.7
Total Non-OECD:
Total Non-OECD:
Total Non-OECD:
Total Non-OECD:
Total Non-OECD:
50.7
51.1
52.3
52.7
51.7
Total Demand:
Total Demand:
Total Demand:
Total Demand:
Total Demand:
93.9
94.9
97.7
99.2
96.5
SUPPLY:
SUPPLY:
SUPPLY:
SUPPLY:
SUPPLY:
Total OECD:
Total OECD:
Total OECD:
Total OECD:
Total OECD:
27.8
28.1
28.3
28.7
28.2
Total Non-OECD:
Total Non-OECD:
Total Non-OECD:
Total Non-OECD:
Total Non-OECD:
30.3
30.8
30.8
30.7
30.6
Total Non-OPEC:
Total Non-OPEC:
Total Non-OPEC:
Total Non-OPEC:
Total Non-OPEC:
62.5
63.9
64.5
64.6
63.9
16
May 2021
