Global oil demand rebounded in 2021 from its Covid-induced historic decline and while demand is set to keep increasing in the immediate years, its longer-term outlook is uncertain because of challenges from alternative fuels and changing behaviour of drivers and commuters.Read more
To meet the expected growing demand over the coming years, producers from the Middle East will lead the global oil supply increase, largely from existing wells that can jack up production at short notice at low cost. Higher-cost producers in other regions of the world have curtailed investments in recent years, spooked by recent bouts of tumbling commodity prices, hobbling their ability to respond quickly to rising demand. The Middle East’s expanding market share would mark a dramatic shift from recent years when the United States dominated growth. As for downstream, Covid-19 left the world with excess refinery capacity that recent closures have only just begun to correct.
Last updated Jan 25, 2022
Oil demand forecast, 2010-2026, pre-pandemic and in Oil 2021Open
Global oil demand shifts lower after historic collapse
Global methane emissions from oil and gas operations in the Sustainable Development Scenario, 2000-2030Open
Methane emissions from oil and gas remain high despite industry initiatives and government policies
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