ANL 19.05 Increased By ▲ 0.82 (4.5%)
ASC 14.00 Increased By ▲ 0.23 (1.67%)
ASL 22.37 Increased By ▲ 0.12 (0.54%)
BOP 8.13 Increased By ▲ 0.07 (0.87%)
BYCO 7.72 Increased By ▲ 0.66 (9.35%)
FCCL 17.17 Decreased By ▼ -0.24 (-1.38%)
FFBL 22.20 Decreased By ▼ -0.05 (-0.22%)
FFL 15.65 Increased By ▲ 0.35 (2.29%)
FNEL 7.33 Increased By ▲ 0.08 (1.1%)
GGGL 17.25 Increased By ▲ 1.01 (6.22%)
GGL 38.84 Increased By ▲ 1.24 (3.3%)
HUMNL 6.12 Increased By ▲ 0.19 (3.2%)
JSCL 18.20 Increased By ▲ 0.30 (1.68%)
KAPCO 35.06 Decreased By ▼ -0.16 (-0.45%)
KEL 3.45 Increased By ▲ 0.17 (5.18%)
MDTL 2.40 Increased By ▲ 0.08 (3.45%)
MLCF 33.85 Decreased By ▼ -0.59 (-1.71%)
NETSOL 116.67 Increased By ▲ 4.07 (3.61%)
PACE 4.87 Increased By ▲ 0.25 (5.41%)
PAEL 27.98 Increased By ▲ 0.18 (0.65%)
PIBTL 8.87 Increased By ▲ 0.17 (1.95%)
POWER 7.18 Increased By ▲ 0.03 (0.42%)
PRL 16.72 Increased By ▲ 0.62 (3.85%)
PTC 9.76 Increased By ▲ 0.31 (3.28%)
SILK 1.48 No Change ▼ 0.00 (0%)
SNGP 46.50 Increased By ▲ 0.95 (2.09%)
TELE 17.38 Increased By ▲ 1.21 (7.48%)
TRG 160.50 Increased By ▲ 1.02 (0.64%)
UNITY 32.25 Increased By ▲ 1.05 (3.37%)
WTL 2.88 Increased By ▲ 0.12 (4.35%)
BR100 4,699 Increased By ▲ 22.38 (0.48%)
BR30 22,394 Increased By ▲ 344.6 (1.56%)
KSE100 45,023 Increased By ▲ 205.24 (0.46%)
KSE30 17,716 Increased By ▲ 74.17 (0.42%)

Coronavirus
HIGH Source: covid.gov.pk
Pakistan Deaths
27,638
4124hr
Pakistan Cases
1,241,825
1,40024hr
3.17% positivity
Sindh
456,343
Punjab
429,655
Balochistan
32,875
Islamabad
105,217
KPK
173,353
Markets

Global oil demand to rebound next month: IEA

  • Demand fell by 310,000 barrels per day on average over the three months to September
Updated 14 Sep 2021

PARIS: Global oil demand has dropped for three straight months as Covid cases have risen in Asia but it is expected to bounce back next month, the International Energy Agency said Tuesday.

Demand fell from July after rebounding the previous month, with major crude consumer China leading the decline, the IEA said in a monthly report.

"Global oil demand remains under pressure from the virulent Covid-19 Delta variant in key consuming regions, especially in parts of Asia," the report said.

Demand fell by 310,000 barrels per day on average over the three months to September.

But it is expected to recover in October with an increase of 1.6 million barrels per day (mbd) and continue to rise until the end of the year, said the IEA, which advises developed countries on energy policy.

"The latest news on the Covid front is more optimistic, with global cases falling in recent weeks, continued progress in vaccine manufacturing and inoculations, and less restrictive social distancing measures in many countries," it said.

Global oil demand is expected to rise by 5.2 mbd this year, slightly lower than previously forecast, but 2022 growth will be slightly higher at 3.2 mbd, according to the report.

The IEA said Hurricane Ida "wreaked havoc on the key US Gulf Coast oil producing region" in late August and is "still causing problems for US and global markets."

Oil rises to one-week high as US supply concerns dominate

Offshore installations and refineries have been slow to restart, forcing massive draws of stocks of both crude and products in key markets, it said.

"It is only by early 2022 that supply will be high enough to allow oil stocks to be replenished," the IEA said.

The Organization of the Petroleum Exporting Countries said on Monday that it expects global oil demand to exceed its pre-pandemic level next year thanks to the roll out of vaccines and the economic recovery.

The forecast came as OPEC cartel nations and their allies, together known as OPEC+, are beginning to raise output to meet recovering demand.

Comments

Comments are closed.