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IEA & OPEC Upgrade Oil Forecasts
The International Energy Agency (IEA) predicts that energy demand will grow by 4.6 percent in 2021 as economies across the globe recover from the COVID pandemic. The agency noted that this growth in demand would more than make up for the 4-percent contraction in global energy demand last year.
The majority of the anticipated energy demand growth – some 70 percent – will come from Asia.
When it comes to oil, the agency expects that oil demand will rise by 6.2 percent from last year. Still, it will remain some 3 percent below levels last seen in 2019. Oil demand for road transportation is set to rebound by the end of 2021, but oil demand for air travel will remain 20 percent lower than 2019 levels until the end of 2022.
Commentary: Could hydrogen be our solution to climate change? Toggle share menu
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Commentary: Could hydrogen be our solution to climate change? Energy demand is expected to increase by as much as 50 per cent over the next 30 years, but energy companies and policymakers have widely different visions of that future, says Professor John W Ballantine.
The Hydrogen Energy Supply Chain (HESC) coal-to-hydrogen plant is pictured in Loy Yang, Victoria, Australia, March 12, 2021. REUTERS/Sonali Paul
26 Apr 2021 06:10AM) Share this content
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WALTHAM, Massachusetts: Tehran, 1943: Joseph Stalin, Franklin D Roosevelt and Winston Churchill – hosted by the young Shah Reza Pahlavi – agree on plans for the two-front attack on Hitler while sketching out the east-west division of Europe.