With The Prospect Of The End Of The Pandemic, Global Oil Demand Is Expected To Reach Pre-Pandemic Levels Early Next Year

Written by Fabio Lucas Carvalho

Published on 27/09/2021 at 23:51

Imagem de drpepperscott230 por Pixabay

Be the first to react!

Experts Believe That Global Oil Demand Will Return to Pre-Pandemic Levels by the End of the First Quarter of 2022

According to a report by Reuters, at a conference this Monday, producers and traders highlighted their optimism about the growth of oil demand next year.

The expectation is that as the global economy recovers from the damage of the pandemic, the Global Oil Demand will return to pre-pandemic levels. The maximum deadline stipulated is the end of the first quarter of 2022. The forecast aligns with what the Organization of the Petroleum Exporting Countries (OPEC) thinks.

pandemia, petróleo, demanda, pandemia — ***Image of an oil refinery in the background. Photo by William Picard from FreeImages***

Oil Demand Will Increase

Global oil demand is expected to rise and reach 100 million barrels per day by the end of this year or by the end of the first quarter of next year, said Greg Hill, Chairman of Hess Corp. According to the International Energy Agency (IEA), the world was consuming 99.7 million barrels of oil per day until 2019.

ARTICLE CONTINUES BELOW

See also

The understanding is that the increase in Covid-19 cases has harmed the demand for some refined products; however, there is a trend toward increased consumption of gasoline and diesel.

“We have witnessed a lot of demand destruction as a consequence of reduced economic activity, disruption of transportation, and disruption of the free flow of goods. But that is in the past now,” said Alan Heng, CEO of Pavinlion Energy from Singapore.

With the economic recovery in 2022, it is expected that higher global oil demand will boost refinery profits worldwide, enabling new production. However, idle refining capacity could be a significant issue.

With The Prospect Of The End Of The Pandemic, Global Oil Demand Is Expected To Reach Pre-Pandemic Levels Early Next Year

Experts Believe That Global Oil Demand Will Return to Pre-Pandemic Levels by the End of the First Quarter of 2022

Oil Demand Will Increase

A village with 115 inhabitants wants new residents: it offers a house, a job, up to 44 thousand euros in benefits, almost free rent, an annual grant of 8 thousand euros for 3 years, and a 20 thousand euro incentive for businesses in the mountains of Italy.

Goodbye traditional washing machine: Xiaomi surprises and launches an ultra-slim version with 27 programs, 3D water flow, steam sterilization, app control, enlarged drum, and a silent system with double suspension

NASA is offering US$ 750,000 to people from anywhere in the world who solve a problem that could decide survival on Mars: creating food for astronauts without relying on resupply from Earth.

With an 88-meter wingspan, a capacity of 250 tons, six engines, and 32 wheels, the Ukrainian giant became the greatest symbol of extreme air transport and one of the most impressive machines in aviation history.

Toyota ends the Diesel era: new Hilux with up to 380 km of urban range brings 196 hp, 59.2 kWh battery, 4×4 traction and 715 kg of load capacity

After 16 years and almost 600 prototypes, a Chinese inventor unveils the world’s smallest and cheapest manned jet, at just 3.80 meters long and costing US$7.2 thousand in materials.

Magalu has a clearance sale on JBL Boombox 4 with 210W of power, 34-hour battery, and 3-way system.

An expedition drilled the bottom of the North Atlantic to a depth of nearly 400 meters and found freshwater hidden beneath the salty ocean; the giant aquifer stretches from New Jersey to Maine.

Starting Monday, 1.3 billion Chinese can enter Brazil without a visa, and Brazilians also no longer need a visa to go to China. The reciprocal exemption was agreed upon between Lula and Xi Jinping and is already valid for tourism, business, and exchange.

In Niger, mud buildings have stood for ten generations while the world spends billions on concrete and steel, now African architects are proving at the Venice Biennale and in real projects that red earth can be the smartest and most sustainable building material of the 21st century.

Anvisa ordered the recall of 24 Ypê products, ranging from dish soap to Tixan liquid soap, after an independent laboratory found the bacterium Pseudomonas aeruginosa, which can cause infections in people with low immunity, and consumers need to check if the lot number ends in 1.

With The Prospect Of The End Of The Pandemic, Global Oil Demand Is Expected To Reach Pre-Pandemic Levels Early Next Year

Experts Believe That Global Oil Demand Will Return to Pre-Pandemic Levels by the End of the First Quarter of 2022

Oil Demand Will Increase

A village with 115 inhabitants wants new residents: it offers a house, a job, up to 44 thousand euros in benefits, almost free rent, an annual grant of 8 thousand euros for 3 years, and a 20 thousand euro incentive for businesses in the mountains of Italy.

Goodbye traditional washing machine: Xiaomi surprises and launches an ultra-slim version with 27 programs, 3D water flow, steam sterilization, app control, enlarged drum, and a silent system with double suspension

NASA is offering US$ 750,000 to people from anywhere in the world who solve a problem that could decide survival on Mars: creating food for astronauts without relying on resupply from Earth.

With an 88-meter wingspan, a capacity of 250 tons, six engines, and 32 wheels, the Ukrainian giant became the greatest symbol of extreme air transport and one of the most impressive machines in aviation history.

Toyota ends the Diesel era: new Hilux with up to 380 km of urban range brings 196 hp, 59.2 kWh battery, 4×4 traction and 715 kg of load capacity

After 16 years and almost 600 prototypes, a Chinese inventor unveils the world’s smallest and cheapest manned jet, at just 3.80 meters long and costing US$7.2 thousand in materials.

Magalu has a clearance sale on JBL Boombox 4 with 210W of power, 34-hour battery, and 3-way system.

Oil moves trillions worldwide, dominates energy generation, and continues to be a strategic resource for major global powers.

United States intercepts six Iranian vessels in the Strait of Hormuz and April ceasefire is once again threatened

Venezuela sits on almost 20% of the planet’s proven oil, but exploring the Orinoco Belt could turn the world’s largest reserve into a climate, environmental, and industrial problem.

Petrobras approved the final investment decision for SEAP I (Sergipe Deep Waters), opening a new production frontier in the Northeast: Total investment for the two modules (SEAP I + SEAP II) exceeds R$ 60 billion, with an estimated production of more than 1 billion barrels of oil equivalent.

Oil continues to fall as negotiations advance between the United States and Iran and the expectation of greater global geopolitical stability.

An expedition drilled the bottom of the North Atlantic to a depth of nearly 400 meters and found freshwater hidden beneath the salty ocean; the giant aquifer stretches from New Jersey to Maine.

Starting Monday, 1.3 billion Chinese can enter Brazil without a visa, and Brazilians also no longer need a visa to go to China. The reciprocal exemption was agreed upon between Lula and Xi Jinping and is already valid for tourism, business, and exchange.

In Niger, mud buildings have stood for ten generations while the world spends billions on concrete and steel, now African architects are proving at the Venice Biennale and in real projects that red earth can be the smartest and most sustainable building material of the 21st century.

Anvisa ordered the recall of 24 Ypê products, ranging from dish soap to Tixan liquid soap, after an independent laboratory found the bacterium Pseudomonas aeruginosa, which can cause infections in people with low immunity, and consumers need to check if the lot number ends in 1.