Global crude oil demand will rebound to pre-pandemic levels and exceed them, clocking in at 100.6 million barrels daily by the end of next year, the International Energy Agency said in its latest monthly Oil Market Report. This, however, will only happen “in the absence of further policy changes.” This year, demand will grow by some 5.4 million bpd, the agency said, which next year will slow down to 3.1 million bpd. Supply will also increase, the IEA said, with non-OPEC production growing by 1.6 million bpd next year, driven by the United States. U.S. oil production is expected to rise by over 900,000 bpd next year. “That leaves room for OPEC+ to boost crude oil production by 1.4 mb/d above its July 2021-March 2022 target to meet demand growth,” the IEA said. This should not be a problem for the cartel, the authority noted. Even after the group […]