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Will the global oil demand rebound soon?

Analysts don’t expect the demand to fully recover after the pandemic until 2022.

Goldman Sachs is an analysts, he claimed that the global demand will fall by 8% in 2020 and rebound by 6% in 2021

The compartment that brought considerable loses is of course the jet fuel, since the air travel time reduced significantly. The absence of traveling will represent a change of demand over a longer term. Goldman also predicted that jet fuel demand will not rebound to pre-crisis levels due to Covid-19 until 2023.

On the other side, Gasoline demand is expected to be the fastest one to recover among oil products owing to a transition in consumer behavior from public to private transportation and increased use of cars compared to flights for local dislocations or travel, especially in the US, China and Europe.

Diesel demand is expected to recover to pre-crisis levels by 2021, even though the analysts expect electric-vehicle selection in Europe to challenge diesel demand.

In a slightly different forecast, the International Energy Agency expects a global recovery in oil demand by 2021. The prognosis shows that analysts expect the global Brent crude demand to fall by 9.1 million barrels a day since the expected deliveries took place among easing lockdowns. Yet again, these are forecasts and only time will show all the consequences that we will have to take care of.

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