MOSCOW (MRC) - Gasoline demand may never recover to pre-pandemic levels, the International Energy Agency (IEA) said on Wednesday, with increased use in developing countries offset by rising fuel efficiency and a switch to electric vehicles in wealthy nations, Reuters.
In last year's five-year outlook before the COVID-19 pandemic's full force was felt in Western countries, the IEA said that gasoline demand was approaching a plateau and kept its demand outlook figure steady from 2024 to 2025.
However, remote working during the pandemic has helped to hollow out demand, the IEA said on Wednesday, and commuting is likely to remain curtailed in 2021 and in the coming years.
"Global gasoline consumption is unlikely to ever return to its 2019 level," the IEA said on Wednesday in its Oil 2021 five-year outlook. "Strong growth in developing countries is no longer enough to offset declines within the OECD, where fuel efficiency improvements are making an impact.
"Consumption should continue to rise strongly in 2022 ... narrowing the gap with pre-pandemic levels. However, beyond that, gasoline demand is likely to stagnate for several years."
As it was earlier written, hopes of a speedy aviation recovery this year have been knocked back by global travel restrictions after the emergence of new coronavirus variants and a slower than expected vaccination rollout, dimming the outlook for jet fuel demand and oil prices.
During January, chemical production grew across all regions. Headline global production was up 9.5% year-over-year (Y/Y) on a three-month moving average (3MMA) basis. Global output stood at 129.0% of its average 2012 levels. Output was down a year ago due to the onset of the COVID-19 pandemic.
We remind that Russia's output of chemical products rose in November 2020 by 9.5% year on year. At the same time, production of basic chemicals increased in the first eleven months of 2020 by 6.6% year on year, according to Rosstat's data. According to the Federal State Statistics Service of the Russian Federation, polymers in primary form accounted for the greatest increase in the January-November 2020 output. November production of polymers in primary form rose to 896,000 tonnes from 852,000 tonnes in October. Overall output of polymers in primary form totalled 9,240,000 tonnes over the stated period, up by 17.1% year on year.