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Oil demand

What happened to the energy system in 2021 and why does it matter?

Oil demand in 2021 remained below 2019 levels

Oil demand in 2021 was 3.7 Mb/d below 2019 levels on average.

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 880 Kb/d (3%) below pre-pandemic levels. In contrast, naphtha, other oil products, and fuel oil demand in 2021 were above their pre-pandemic levels.