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2021 Oil Demand Lagged Pre-pandemic by 3.7 Mb/d: BP

OIL

Oil demand in 2021 averaged 3.7 Mb/d below 2019 levels according to BP’s Statistical Review of World Energy.

  • Much of this weakness was concentrated in aviation-related oil demand, which was more than 2.5 Mb/d (33%) below 2019 levels.
  • Demand for diesel and gasoil in 2021 was less than 1 Mb/d (3%) below pre-pandemic levels. In contrast, naphtha, and other oil products demand in 2021 were above their pre-pandemic levels.

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Oil demand in 2021 averaged 3.7 Mb/d below 2019 levels according to BP’s Statistical Review of World Energy.

  • Much of this weakness was concentrated in aviation-related oil demand, which was more than 2.5 Mb/d (33%) below 2019 levels.
  • Demand for diesel and gasoil in 2021 was less than 1 Mb/d (3%) below pre-pandemic levels. In contrast, naphtha, and other oil products demand in 2021 were above their pre-pandemic levels.

Keep reading...Show less