IEA: Global Oil Demand Recovering in 2021, but Near-Term Future Depends on Government, Consumer Decisions Industry Segment: Production | Word Count: 1140 Words Attachment: Global Demand, Global Demand Growth, Global Supply, Upstream investment, US Supply SUGAR LAND--March 17, 2021--Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--Global oil supply is expected to exceed global demand for the next few years, as the world works through the supply cushion created by the COVID-19 pandemic, according to Oil 2021, a medium-term outlook released today by the International Energy Agency (IEA) (Paris, France). But, absent government action and behavioral changes, global demand is projected to return to its pre-pandemic level by 2022, and add another 4 million barrels per day (BBL/d) of demand, about 4% over the pre-pandemic level of 100 million BBL/d, by 2026, the report said.