IEA Says Oil Demand May Return to Pre-Crisis Levels in a Year
Oil storage tanks in Cushing, Okla. (Daniel Acker/Bloomberg News)
Global oil demand may rebound to levels seen before the pandemic in a year, the International Energy Agency said, signaling a speedier recovery than its previous estimates.
“Demand in one year or so may well come back to the levels of before the crisis,” IEA Executive Director Fatih Birol said in a Bloomberg Television interview, citing a strong recovery in progress in the U.S., China and Europe.
It’s a slight shift from the most recent outlook from the organization, which advises major economies. In a medium-term report published in March, the Paris-based agency said that consumption wouldn’t recover to pre-crisis levels until 2023.
The cost to move goods in a shipping container to Europe from Asia shot above $10,000 for the first time on record, an index showed, underscoring the pain inflicted on exporters and importers struggling with stretched supply chains.
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Biden Reassures Chip Summit of Bipartisan Support for New Funds
President Joe Biden leads the virtual CEO Summit on Semiconductor and Supply Chain Resilience in the Roosevelt Room of the White House Monday. (Patrick Semansky/Associated Press)
President Joe Biden told companies vying with each other for a sharply constrained global supply of semiconductors that he has bipartisan support for government funding to address a shortage that has idled automakers worldwide.
During a White House meeting with more than a dozen CEOs, including from Cummins Inc., on April 12, Biden read from a letter from 23 senators and 42 House members backing his proposal for $50 billion for semiconductor manufacturing and research.