Publicly listed oil and gas producer PT Medco Energi Internasional expects global oil prices to bounce back next year, ignited by hopes pinned on COVID-19 vaccines.
Medco president director Hilmi Panigoro said on Tuesday that the recent vaccine development could spur oil demand, as economic activities would go back to normal.
A total of 1.2 million doses of COVID-19 vaccine produced by China’s Sinovac Biotech arrived in Indonesia on Sunday, awaiting emergency approval from the Indonesian Food and Drug Monitoring Agency (BPOM). In the meantime, United States pharmaceutical firms Pfizer Inc and Moderna announced that their respective vaccines had high efficacy rates in preventing coronavirus infection.