Record coal and gas prices, rolling black-outs have prompted a switch to oil. IEA forecasts global oil demand to rise by 5.5 million barrels per day (mb/d) in 2021 and 3.3 mb/d in 2022.

The International Energy Agency cut forecasts for global oil demand "sharply" for the rest of this year as the resurgent pandemic hits major consumers, and predicted a new surplus in 2022.