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

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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.

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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

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

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At over 8,800 meters above sea level, the summit of Mount Everest is made up of rocks that originated at the bottom of an ocean about 500 million years ago and were pushed to the highest point on Earth by the collision of tectonic plates.

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