The International Energy Agency (IEA) stated in its annual Global Energy Outlook report on the 22nd that the new round of epidemic will have a long-term impact on the crude oil market, and it will take several years for crude oil demand to recover and peak at a low level.
According to the agency, global crude oil consumption will decline at a record rate of 8% this year, and will not return to the level before the epidemic before 2023, provided that the epidemic can be controlled next year, which is set by the IEA The most optimistic scenario.
Even in this situation, the epidemic will have long-term effects. The IEA reiterated its view that global crude oil demand will peak around 2030, but the peak is lower than last year’s forecast.
The agency predicts that global crude oil consumption will increase by an average of about 750,000 barrels per day in the next 10 years, and will reach a peak of 10.32 billion barrels per day by 2030, which is about 2 million barrels per day less than the forecast in last year's report.
IEA executive director Fatih Birol (Fatih Birol) said in the report: "The era of global oil demand growth will end in the next ten years."
The agency also warned that if the global economy slowly recovers from the epidemic and causes long-term losses, the increase in oil demand may only take a few years.
The International Energy Agency predicts that after 2030, the annual growth rate of global crude oil demand will slow to only 100,000 barrels per day
