The International Energy Agency, in its latest monthly report, expects oil demand in 2022 to exceed pre-Covid-19 levels.
Today, Friday, the International Energy Agency said that OPEC + oil producers will need to increase their production in order to meet the demand that is heading to recover to pre-pandemic levels by the end of 2022.
“OPEC + needs to open the taps in order for global markets to remain adequately supplied,” the Paris-based agency said, adding that the rising demand and short-term policies of countries were in contrast to the agency’s call to end new and luxury oil and gas financing in A tough climate report it released last month.
“In 2022, there is scope for the 24 OPEC+ members, led by Saudi Arabia and Russia, to increase crude supplies by 1.4 million barrels per day above their target for the period between July 2021 and March 2022,” it said in its monthly oil report.
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