Oil Demand to Return to Pre-Pandemic Level by 2022

03 July 2020

    Analysts at Goldman Sachs have mentioned they expect global oil demand to return to pre-pandemic levels by 2022.


    According to their estimate, demand should decline by 8% in 2020, rebound by 6% in 2021 and come back to its pre-COVID-19 level by 2022.


    The International Energy Agency has mentioned it expects demand to reach a more “stable footing” over the coming months, going on to the largest one-year jump in oil demand ever recorded next year.


    Over the long term, however, analysts at Goldman Sachs said they do not believe oil demand will peak before 2030.


    Brent crude currently trades at around $42.75 a barrel, while WTI - $40.43 a barrel.

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