Oil consumption will return to standards similar to 2019 in 2023

The International Energy Agency pointed out that the next decade will be the last one of growth in oil demand.

If there is a rapid economic recovery, it is not until 2023 that global oil consumption will return to the levels reached in 2019.

The International Energy Agency (IEA) warned that the next decade will be the last decade of growth in oil demand, because the economic recovery will be in relation to the world Gross Domestic Product (GDP) that will not equal that of 2019 until 2023.

In its annual outlook report, the entity considered that oil consumption would not return to the level prior to the coronavirus crisis until 2027.

Fatih Birol, IEA Director General, mentioned that measures are needed by governments to change energy policies in order to favor renewable energy.

He commented that the sales of electric vehicles (whose engines do not use petroleum derivatives) this year will be 2.5% of the total, but at the same time SUVs, which by their weight consume more fuel, will represent 42%.

He explained that in order to achieve a zero volume of net carbon dioxide (CO2) emissions in 2050 that would limit global warming to 1.5 degrees Celsius, energy policies would have to be changed in the next 10 years.

He added that the energy sector has been disrupted by the pandemic and that it will leave scars for many years.

The agency estimated that energy demand will decline globally by 5% this year, with falls of 8% for oil, 7% for coal and 3% for natural gas, while there will be slight progress in renewable energy

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