The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, US, November 24, 2019. — Reuters picPARIS, March 17 — Global oil demand will return to pre-pandemic levels in two years and reach record heights by 2026 unless governments take swift action to meet climate goals, the International Energy Agency said today.
As people get vaccinated and restrictions are lifted, demand will return to its 2019 level by 2023, according to the report. More governments are also focusing on a potential “sustainable recovery” to move quickly towards a low-carbon future. Asia is expected to lead renewed growth in global demand and account for 90 per cent of the increase from 2019 to 2026, according to the agency’s base scenario.
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