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Abstract

Total global oil demand is expected to increase year-on-year (YoY) by 4.3 million barrels per day (MMb/d) in 2021 to 96.3 MMb/d. It is expected to further grow by 3.2 MMb/d in 2022 (300,000 barrels per day [Kb/d] less than our January Q1 2021 outlook for 2022), returning to 2019 levels by Q3 2022. Our oil demand growth projections are less optimistic than the International Energy Agency (IEA), OPEC and the Energy Information Administration (EIA).