Global oil demand likely to rebound to pre-COVID levels by end-2021: analysts
Global oil demand is expected to recover to pre-COVID-19 levels of around 100 million b/d by the end of the year driven by a strong rebound for gasoline, diesel and fuel oil, several analysts said Feb 23.
But jet/kerosene, which used to account for around 8% of total global demand, is likely to remain very sluggish, and the aviation fuel will reach pre-crisis levels only in 2022 or even 2023, they added.
Speaking at a webinar hosted by Bloomberg, Giovanni Serio, Vitol’s Global Head of Research said oil demand could reach the magic number of 100 million b/d by the year-end though this will depend heavily on the vaccination rollout which is expected to gather pace this summer.