Europe’s lockdowns restrain global fuel demand recovery
Renewed lockdown restrictions in Europe and slower than expected vaccine rollouts are likely to check a global recovery in fuel demand and make OPEC+ oil producers take a cautious stance when the group reassesses output policy this week.
With its extensive vaccination programme, Europe was central to forecasts for demand recovery, especially as many Europeans were hoping for a return to normality by the summer and holidays abroad. That now seems unlikely.
Germany, Europe’s biggest oil consumer, has extended its lockdown until April 18 to contain a third COVID-19 wave.
A third of French people have entered a month-long lockdown, and most of Italy, including its capital Rome and its financial centre Milan, have curbs on business and movements.
Europe s lockdowns restrain global fuel demand recovery
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The impact of containment measures across sectors and countries during the COVID-19 pandemic
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Met dank overgenomen van Europese Commissie (EC), gepubliceerd op woensdag 3 maart 2021.
Thank you Valdis. The decision we took last March to activate the general escape clause was a recognition of the gravity of the unfolding crisis hitting Europe.
It was also a statement of our determination to take all necessary steps to tackle the pandemic and support jobs and companies. I think that this strong reaction was very effective. The preliminary guidance that we are providing today means that we need to keep the clause activated also in 2022.
One year on, we remain in the midst of a very difficult phase. The pandemic continues to take the lives of hundreds of Europeans every single day.