The Beginning of the End?

March 19, 2021 IEA expects lower oil demand growth post Covid-19 This week, the IEA published “Oil 2021 – Analysis and Forecast to 2026”, its medium-term outlook for oil supply and demand. The changes compared to last years’ outlook are quite significant, but not unexpected. Not only did the Covid-19 crisis cause an unprecedented collapse in oil demand, it also permanently changed behaviors and it seems to have refocused global governments attention on the need to address climate change and reduce carbon emissions. Even after the global health crisis is brought under control, the world will likely be on a different energy trajectory than prior to the pandemic with less oil demand growth and more focus on renewable energy. This will bring profound changes for the tanker markets. Our business can no longer take growing demand for its services for granted, so managing vessel supply becomes even more critical. To read the full article, please fill out the form.