...

Oil demand to keep on rising in May, June 2021

Oil&Gas Materials 17 April 2021 09:40 (UTC +04:00)
Oil demand to keep on rising in May, June 2021

BAKU, Azerbaijan, Apr.17

By Leman Zeynalova – Trend:

Oil demand is expected to increase by 6 percent year-on-year in 2021, Trend reports citing Rystad Energy, Norway-based consulting company.

Oil demand is projected to rise from 89.6 million bpd in 2020 to an average of 95.4 million barrels per day this year, according to the company.

“Our estimates show that total oil demand in 2022 will continue to rise, reaching about 99.4 million bpd.

April 2021 demand is expected to land at 93.0 million bpd, climbing to 94.0 million bpd in May and 95.8 million bpd in June. Further ahead, total oil demand in the third quarter is expected to average 96.8 million bpd before ascending to 98.3 million bpd in the fourth quarter,” reads the update report released by Rystad Energy.

As for the road fuel demand, the company expects a 9 percent increase in 2021, to 45.1 million bpd, from 41.3 million bpd in 2020. Road fuel demand is forecast to accelerate in 2022 to about 47.5 million bpd.

In April, road fuel demand is expected to average 44.2 million bpd globally, rising to 44.9 million bpd in May and 45.9 million bpd in June. Further ahead, road fuel demand is expected to average 46.2 million bpd in the third quarter and 46.5 million bpd in the fourth quarter.

Among the various fuel sectors, jet fuel has been hit the hardest by the pandemic.

“We expect jet fuel demand to average 3.9 million bpd in 2021, rising by 21 percent from 3.2 million bpd last year, but still a far cry from pre-pandemic levels. Most of the recovery is expected during 2022, when jet fuel demand is expected to average 5.4 million bpd as air traffic returns to more normal levels.

Jet fuel demand in April is expected to reach 3.4 million bpd, rising to 3.6 million bpd in May and 3.9 million bpd in June. Further ahead, jet fuel demand is expected to average 4.3 million bpd in the third quarter and 4.6 million bpd in the fourth quarter,” said the company.

---

Follow the author on Twitter: @Lyaman_Zeyn

Tags:
Latest

Latest