PARIS, June 11 — Oil demand is set to rise above pre-pandemic levels by the end of next year, the IEA said today, but producers have sufficient capacity rise to the challenge.
“A widespread return of the global aviation industry to normal capacity appears off the cards until most countries have reached herd immunity, which may not happen until late 2022,” said the IEA. It expects countries outside the Opec+ group to boost output by 1.6 mbd next year, to exceed 2019 levels. Members of the Opec cartel and allies like Russia slashed production last year to boost and stabilise oil prices which briefly dropped into negative territory.
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