Global oil demand is expected to grow by 5.6 million barrels per day (bpd) in 2021 compared to the 2020 low of 92.2 million bpd, the U.S. Energy Information Administration (EIA) said in its latest estimate, with the growth forecast now around 200,000 bpd lower compared to last month’s outlook. In its January Short-Term Energy Outlook ( STEO ), the EIA expects global consumption of petroleum and liquid fuels to average 97.77 million bpd this year, down from the December STEO estimate of 98 million bpd. For 2020, global oil demand averaged 92.2 million bpd, down by 9.0 million bpd from 2019. The 2020 estimate is also lower compared to EIA’s December forecast of 92.38 million bpd. According to EIA’s latest estimates published in the January STEO this week, global oil demand will return to the pre-pandemic level in the second half of 2022, with the average 2022 demand […]