After months of declining global demand for oil due to epidemiological restrictions, especially in Asia, the International Energy Agency expects in its latest monthly report that the spread of vaccines will lead to a significant increase in oil demand.

With the emergence of indications of a decline in cases of the Corona virus, the agency expected that the demand for oil would recover by 1.6 million barrels per day in October, and that it would continue to grow until the end of 2021.

The spread of the “delta” virus in recent months has caused the agency to reduce its demand growth forecast for the year as a whole by 105,000 barrels per day, but it raised its estimate for 2022 by 85,000 barrels per day.

A new annual report issued by IEA has shown that global investments in energy will increase in 2021 by about 10% compared to 2020 to reach $ 1.9 trillion after recovering most of last year’s decline. A large part of the investments will go to the electricity sector.

As for investments in the fields of oil and gas exploration and production, their volume will increase by about 10%, as oil and gas companies will financially recover from last year’s crisis. It is worth noting that global investments in energy for 2020 were the lowest ever due to the outbreak of the Corona pandemic.