The world’s demand for oil will rebound to pre-pandemic levels by the end of 2022, as recovering economies require oil-producing countries to pump more fossil fuels, according to the International Energy Agency (IEA).

Members of the Organization of Petroleum Exporting Countries (Opec) and their allies, including Russia, collectively known as Opec+, will need to “open the taps to keep the world oil markets adequately supplied”, the global energy watchdog said in its monthly oil report.