<p>In 2020, global electricity demand fell by 5%, the largest drop since the 1930 global economic crisis, according to the IEA. Furthermore, all fuels saw a decline, except for renewable energy, which grew by 1% last year. Oil demand had seen some recovery in 2020, but the rebound slowed considerably in November, and slipped in December as renewed lockdowns and rising infection rates, due to the global pandemic, hit consumption. The IEA subsequently slashed its oil demand outlook for 2021 by 300,000 barrels per day (bpd) to 5.5 million bpd. While it is difficult to predict the direction of oil prices due to the uncertainty of demand, experts suggest a recovery could be underway at the beginning of 2022, given that vaccinations continue to be rolled out successfully worldwide.</p>
