The increased global intensity of the climate change lobby to reduce the recovery and use of fossil fuels will not be sufficient to restrain global oil demand which the International Energy Agency (IEA) says will recover to pre-pandemic levels late in 2023.
The news is unlikely to be welcomed by the mounting international clean energy lobby that has, in the past year, markedly stepped up its targeting of the world’s oil recovery giants, including the global behemoth, EXXON Mobil which has had to face assertive fossil fuel lobby concerns even among some of its shareholders.
Last week the IEA was projecting that global oil consumption will return to 100 million barrels a day in the second half of 2022 as developed economies bring the virus under control and step up their efforts to have their economies seek to make up for lost time and effort. The Agency goes further, asserting that oil demand will surpass pre-covid levels at some point before year end.
