Timeline: IEA Oil 2021 Report

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: Total OECD: 43.3 Total Non-OECD: 50.7 Total Demand: 93.9 SUPPLY: Total OECD: 27.8 Total Non-OECD: 30.3 Processing Gains: 2.1 Global Biofuels: 2.3 Total Non-OPEC: 62.5

DEMAND: Total OECD: 43.8 Total Non-OECD: 51.1 Total Demand: 94.9 SUPPLY: Total OECD: 28.1 Total Non-OECD: 30.8 Processing Gains: 2.2 Global Biofuels: 2.9 Total Non-OPEC: 63.9

DEMAND: Total OECD: 45.4 Total Non-OECD: 52.3 Total Demand: 97.7 SUPPLY: Total OECD: 28.3 Total Non-OECD: 30.8 Processing Gains: 2.3 Global Biofuels: 3.2 Total Non-OPEC: 64.5

DEMAND: Total OECD: 46.5 Total Non-OECD: 52.7 Total Demand: 99.2 SUPPLY: Total OECD: 28.7 Total Non-OECD: 30.7 Processing Gains: 2.3 Global Biofuels: 2.9 Total Non-OPEC: 64.6

DEMAND: Total OECD: 44.7 Total Non-OECD: 51.7 Total Demand: 96.5 SUPPLY: Total OECD: 28.2 Total Non-OECD: 30.6 Processing Gains: 2.2 Global Biofuels: 2.8 Total Non-OPEC: 63.9

2022 2023 2024 2025 2026

DEMAND: Total OECD: 45.8 Total Non-OECD: 53.7 Total Demand: 99.4 SUPPLY: Total OECD: 29.0 Total Non-OECD: 31.5 Processing Gains: 2.4 Global Biofuels: 3.0 Total Non-OPEC: 66.0

DEMAND: Total OECD: 46.2 Total Non-OECD: 55.0 Total Demand: 101.2 SUPPLY: Total OECD: 29.6 Total Non-OECD: 32.0 Processing Gains: 2.4 Global Biofuels: 3.1 Total Non-OPEC: 67.1

DEMAND: Total OECD: 46.2 Total Non-OECD: 56.1 Total Demand: 102.3 SUPPLY: Total OECD: 29.9 Total Non-OECD: 32.0 Processing Gains: 2.4 Global Biofuels: 3.2 Total Non-OPEC: 67.5

DEMAND: Total OECD: 46.0 Total Non-OECD: 57.2 Total Demand: 103.2 SUPPLY: Total OECD: 29.9 Total Non-OECD: 32.1 Processing Gains: 2.5 Global Biofuels: 3.3 Total Non-OPEC: 67.7

DEMAND: Total OECD: 45.8 Total Non-OECD: 58.3 Total Demand: 104.1 SUPPLY: Total OECD: 29.7 Total Non-OECD: 32.1 Processing Gains: 2.5 Global Biofuels: 3.3 Total Non-OPEC: 67.6