The presidents of Aramco and Chevron expect a recovery in global oil demand

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Reuters

Oil

The CEO of Saudi Aramco told an oil and gas conference today, Tuesday, that global oil demand is recovering and may approach pre-pandemic levels next year.

“Global demand for oil will likely recover starting from the second half of this year and may reach 99 million barrels per day in 2022,” Amin Al-Nasser said at the virtual “Sierra Week” conference organized by IHS Markit.

Al-Nasser stated that the demand for oil is improving in China, India and East Asia, while the distribution of vaccines is a reason for optimism in the West.

Chevron Chief Executive Michael Wirth told the conference that demand for diesel recovered globally due to delivery activity, but that jet fuel is declining in light of a reluctance to make long-haul flights.

Source: Reuters





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