ShippingWatch

IEA upgrades outlook for global oil consumption

The agency's forecast gets a particular boost from strong economic prognoses for both the US and China.

Photo: Agustin Marcarian/REUTERS / X03747

The International Energy Agency (IEA) has upgraded its prognosis for global oil demand this year due to economic recovery post-pandemic.

The agency also informs that the long-standing supply glut is starting to level out, reports Bloomberg News.

IEA raises its estimates for growth in oil consumption by 230,000 barrels per day to 5.7mbpd based on strong economic forecasts for the US and China.

The world is thereby on track to recover roughly two thirds of last year's forfeited volume in crude demand.

"The massive overhang in global oil inventories that built up during last year's Covid-19 demand shock is being worked off, vaccine campaigns are gathering pace and the global economy appears to be on a better footing," writes IEA in its monthly report.

English Edit: Daniel Frank Christensen

Maersk Drilling's share price doubled in 2021: "We've surpassed our competitors" 

US crude exports did not result in the boost tanker carriers anticipated in 2020 

Key Saudi Arabian oil site attacked, sending Brent above USD 70 

More from ShippingWatch

MSC charters 11 LNG-fueled container ships

Yet another container line opts for LNG as a fuel to propel its fleet. This time, the company is Maersk's alliance partner MSC, which charters 11 LNG-powered ships from Eastern Pacific.

DFDS' freight volumes advanced by 50 percent in April

DFDS outdoes analyst predictions in the first quarter. The Danish ferry and logistics company made it through Brexit in better form than expected, according to CEO Torben Carlsen, while the integration of a logistics acquisition has been pushed back.

Ikea denounces LNG as the fuel to decarbonize shipping

While an increasing number of carriers opt to include LNG vessels in their fleets, one of the world's largest shippers, Ikea, makes it clear that the liquefied natural gas is not the way to go for shipping companies to deacrbonize.

Further reading

Related articles

Latest news

See all jobs