Oil demand ‘unlikely to rebound until Q3 2023’

SourceTrade Arabia
SectorOil & Gas
CountryUnited Arab Emirates

DUBAI, 8 hours, 5 minutes ago Global oil demand will not return back to pre-virus levels until the third quarter (Q3) of 2021, and a forecast of 2.5 million barrels per day (m b/d) quantum is seen as a permanent level of demand destruction, a report said. Despite an assumed pick-up in momentum over the summer, we forecast that global liquids demand will only expand to an average 97m b/d by year-end, as aviation demand in particular is slow to convalesce losses, said Mitsubishi UFJ Financial Group (MUFG), a Japanese bank holding and financial services company, in its latest Oil Market Weekly report. “As a result – absent the risk of iterative virus waves – we model 2020 annualised global oil demand ~8mb/d lower at 92m b/d....read more...