Global oil inventories rise in the forecast, increasing at a rate of 0.5 million b/d in 2022 and 0.6 million b/d in 2023. Global consumption of petroleum and liquid fuels averaged 96.9 million b/d in 2021, up by 5.0 million b/d from 2020, when consumption fell significantly because of the pandemic.Jan 6, 2022
Will the oil and gas industry recover?
The International Energy Agency (IEA) estimates global demand for petroleum products won't be back to pre-pandemic levels until 2023 and may never return to “normal.”
Will the oil industry recover in 2021?
Global consumption of petroleum and liquid fuels averaged 96.9 million b/d in 2021, up by 5.0 million b/d from 2020, when consumption fell significantly because of the pandemic. We forecast that average OPEC crude oil production will rise by 2.5 million b/d to average 28.8 million b/d in 2022 and average 28.9 in 2023.Jan 6, 2022
Is there a future for oil and gas?
In the Current Policies scenario, LNG exports reach 7.1 billion cubic feet per day in 2044 and remain at that level through to 2050. The IEA projects that global natural gas demand will increase to 180.6 trillion cubic feet in 2050, up from 143.9 trillion cubic feet in 2019.