How coronavirus could impact global oil demand to 2030

  • Date: 28-Sep-2020
  • Source: Arabian Business
  • Sector:Oil & Gas
  • Country:UAE
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How coronavirus could impact global oil demand to 2030

Global demand for oil is likely to peak in about 10 years time as the world recovers from the impact of coronavirus, according to Musabbeh Al Kaabi, CEO of Petroleum and Resources at the UAE's Mubadala Investment Company.

Al Kaabi said Covid-19 caused oil demand to drop by 30 percent in March and April, from a peak of 100 million barrels per day at the end of 2019.

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However, demand has started to recover, he added, reaching levels seen in the 1990s and will rise further over the coming 12 months.

Reflecting on the long-term impact of Covid-19, Al Kaabi said the post-virus world will be totally different, with fewer people travelling and lower activity in a number of sectors of the economy.

While demand for energy will edge back to 2019