{"id":56212,"date":"2020-12-28T12:22:23","date_gmt":"2020-12-28T17:22:23","guid":{"rendered":"https:\/\/olduvai.ca\/?p=56212"},"modified":"2020-12-28T12:22:23","modified_gmt":"2020-12-28T17:22:23","slug":"ihs-markit-oil-demand-wont-fully-recover-until-2022","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=56212","title":{"rendered":"IHS Markit: Oil Demand Won’t Fully Recover Until 2022"},"content":{"rendered":"

IHS Markit: Oil Demand Won’t Fully Recover Until 2022<\/a><\/h3>\n
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Global oil demand will likely take another year or so to return to pre-pandemic levels\u2014by late 2021 or early 2022, energy expert and IHS Markit vice chairman Daniel Yergin told Al Arabiya English in a video interview<\/a> on Monday.<\/p>\n

Yergin\u2019s expectations for oil demand are roughly in line with the forecasts by the International Energy Agency (IEA) and OPEC, which don\u2019t expect annual oil demand to return to the pre-COVID levels next year, despite the projected rise compared to this year\u2019s slump.<\/p>\n

Continued low demand for jet fuel will account for 80 percent of next year\u2019s 3.1-million-bpd gap<\/a> in oil demand compared to pre-pandemic levels, the IEA said in its monthly Oil Market Report earlier this month. OPEC also\u00a0revised down<\/a>\u00a0its oil demand projections for this year and next in its Monthly Oil Market Report for December, expecting 2021 oil demand at 95.89 million bpd, down 410,000 bpd from its projection of 96.3 million bpd from November.<\/p>\n

IHS Markit\u2019s Yergin doesn\u2019t see the biggest disruption on the oil market as either bringing forward or delaying peak oil demand.<\/p>\n

\u201cAt the end of the day, it won\u2019t have much impact on peak oil demand, which I still think will be around 2030 or so,\u201d Yergin told Al Arabiya English.<\/p>\n

The Pulitzer-Prize winning energy author also discussed the U.S. shale patch and the chances of it returning to the rapid growth in production in the years just before the 2020 price crash.<\/p>\n

\u201cLet me give you a very simple answer, the answer is no,\u201d Yergin told Al Arabiya English when asked if U.S. oil production could return to 1.5-million-bpd annual growth.<\/p>\n

According to IHS Markit, shale production will stay relatively unchanged at around 11 million bpd until late 2021, before it starts rising, but it will increase at a much more moderate pace.<\/p>\n

\u201cSo that 1.5 million barrels per day, that two million barrels per day that was so disruptive for the oil market, that\u2019s history,\u201d Yergin told Al Arabiya English.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

IHS Markit: Oil Demand Won’t Fully Recover Until 2022 Global oil demand will likely take another year or so to return to pre-pandemic levels\u2014by late 2021 or early 2022, energy expert and IHS Markit vice chairman Daniel Yergin told Al Arabiya English in a video interview on Monday. Yergin\u2019s expectations for oil demand are roughly […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[1646,416,30775,433,589,5332,600,607,14603],"class_list":["post-56212","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-daniel-yergin","tag-iea","tag-ihs-markit","tag-international-energy-agency","tag-oil-demand","tag-oilprice-com","tag-opec","tag-pandemic","tag-tsvetana-paraskova"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/56212","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=56212"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/56212\/revisions"}],"predecessor-version":[{"id":56213,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/56212\/revisions\/56213"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=56212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=56212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=56212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}