IEA Is Going To Be Cataclysmically Wrong On Oil Demand In 2022

Judging by the title, I'm sure you already know how I feel about the IEA and its ability to forecast oil demand and supply. For those of you keenly aware of global oil supply and demand forecasts for 2022, the No. 1 variable that will determine whether or not we're oversupplied or undersupplied is global oil demand. But to be precise, it's OECD oil demand. At the time, we basically said that IEA is full of it when it came to estimating global oil demand. China and India already were showing structurally higher oil demand versus the 2019 baseline (pre-COVID), so it was only a matter of time before global oil demand surpassed 2019 levels.