` – Global oil demand is set to grow slower than expected due to the spread of the Delta variant of the coronavirus. The forecast is contained in the monthly bulletin of the International Energy Agency which now provides for a increased demand by 5.3 million barrels per day to 96.2 million barrels, 300,000 fewer compared to previous estimates. Global production, on the other hand, is destined to increase further, following the agreement reached within OPEC +.

Demand, the IEA points out, grew in June in Europe and North America, thanks to the recovery in mobility, but “abruptly reversed its course” in July, after the Delta variant slowed deliveries in China, Indonesia and other parts of Asia. “The outlook for the rest of the year has also been appreciably reduced, due to the worsening of the pandemic and the revision of historical data,” the report reads. “The new restrictions against Covid-19 imposed in many oil-consuming countries, particularly in Asia, will reduce the mobility and use of oil “, concludes the IEA.

By Editor

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