Oil demand is recovering from the greatest fall in its history in 2020, the International Energy Agency (IEA) said on Tuesday, but less flying due to coronavirus fears means the world will not return to pre-pandemic demand levels before 2022. Graphic: Supply-demand balance, here “Our first forecast for 2021 as a whole shows demand growing by 5.7 million barrels per day (bpd), which, at 97.4 million bpd, will be 2.4 million bpd below the 2019 level,” the IEA said in its monthly report. “Reduced jet and kerosene deliveries will impact total oil demand until at least 2022 … the aviation industry is facing an existential crisis”, the Paris-based IEA said. The IEA said air travel began to rise slightly in the middle of May and accelerated in June as economic lockdowns aimed at containing the virus were eased, but was still down by over 70% from […]