IEA head says when global oil demand will recover

Oil demand may return to pre-crisis levels in about a year, Report informs, citing the interview of the International Energy Agency (IEA) Executive Director Fatih Birol with Bloomberg.

According to Fatih Birol, there will be a strong recovery in oil consumption in the US, China, and Europe in the next six months.

In his opinion, if OPEC + does not increase production later this year, the gap between supply and demand may widen, contributing to higher prices for raw materials.

Besides, Fatih Birol believes that the oil market will face difficult years as the energy transition is causing significant changes.

In March, the IEA predicted that global oil demand would recover to 2019 levels no earlier than 2023. This year, according to the organization's latest forecast, the growth in world oil demand will amount to 5.4 million barrels per day.