Fatih Birol, Executive Director of the International Energy Agency (IEA), says that his organization expects oil and gas demand to return to “pre-crisis” levels sooner than first anticipated.
The IEA’s revelations come not even a month after it said that no new investment is needed in fossil fuels in its pathway to reach net-zero by 2050.
It seems the world will take the path of least resistance as it has historically after recessions in demand and continue to use oil and gas as a reliable and affordable means of energy supply for many years to come.
Here's what Fatih had to say in one of his latest interviews discussing the IEA’s expectations for future oil demand:
Oil Demand to Hit Pre-Crisis Levels
“Looking at the next six months, I see, I see, very clearly that there is a strong recovery of oil demand – United States, China, Europe and elsewhere. And if the oil producers, OPEC+, stick to their current policies, we may see a widening gap between supply and demand.
We expect demand in one year or so may very come back to the levels to before the crisis. Of course… but broadly we expect in one year or a bit later, if the aviation sector comes back slowly but surely to the previous levels, we may see in one year or so, coming back to the 2019 levels of oil demand.”
> Fatih Birol – Executive Director, International Energy Agency
> Source: Bloomberg
Canada Should Be a Supplier of Choice
The return of oil demand to pre-crisis levels sooner than expected is indicative that the world will almost certainly follow historical trends where recessions were soon followed by a strong recovery.
As long as the world needs oil and gas, and it will for decades yet, as much supply as possible should come from responsible producers like Canada. This supports Canadian families and governments as well as the global environment because of our nation’s world-class record on cleantech innovation and environmental protection.
Who would you choose to supply the world with its future oil and gas supply? We say Canada, and hope you would too!
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