![]() ![]() At the same time, more and more governments are focusing on the potential for a sustainable recovery as a way to accelerate momentum towards a low-carbon future. The pandemic has forced rapid changes in behaviour: from new working-from-home models to cuts in business and leisure air travel. And yet, there may be no return to “normal” for the oil market in the post-Covid era. The staggering inventory surplus that built up last year is being worked off and global oil stocks, excluding strategic reserves, will return to pre-pandemic levels in 2021. The global economy and oil markets are recovering from the historic collapse in demand caused by the coronavirus (Covid-19) pandemic in 2020. The report provides a comprehensive outlook for global supply and demand through 2026 and explores some of the challenges and uncertainties that lie ahead. ![]() Oil 2021 tackles these questions by analysing oil market data, trends in investment and government policies. Could oil demand peak sooner than expected? Or is the world heading into a supply crunch? What will the implications be for the refining industry and trade flows? This is forcing hard decisions on oil-producing countries and companies, which are reluctant to leave resources untapped or to install new capacity that would only sit idle. Rapid changes in behaviour from the pandemic and a stronger drive by governments towards a low-carbon future have caused a dramatic downward shift in expectations for oil demand over the next six years. Oil 2021, the IEA’s latest medium-term outlook, explains why. World oil markets are rebalancing after the Covid 19 crisis spurred an unprecedented collapse in demand in 2020, but they may never return to “normal”. ![]()
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