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International market research institute IHS Markit recently released a report that after global oil prices reached their lowest point in April, global oil demand increased by 13 million b/d in the past four months, but the recovery level is expected to be slightly lower than the pre-pandemic level
.
IHS Markit made this assessment in the report: crude oil demand surged from May to July and has now reached 89% of the same period last year, compared to 78%
in April.
IHS Markit believes that demand growth is expected to weaken and remain flat to 92-95 million b/d
through the first quarter of 2021.
That's about 92 to 95 percent
of last year's level.
This is mainly because air travel and commuting have been in the doldrums, which is expected to remain in place
until the vaccine is widely available.
Jim Burkhard, vice president and head of oil markets at IHS Markit, said: "At least for now, global oil demand has risen sharply from the lowest point of the crash, at least for now
.
”
In order for demand to fully recover, travel, especially air travel and commuting to work, needs to return to normal
.
This will only happen
after the virus has been contained and an effective vaccine has become widely available.
”
IHS Markit said the number of global air flights was about 30 percent below February levels, but jet fuel consumption was down 50 percent
from 2019 levels as long-haul flights had not yet resumed.
U.
S.
gasoline sales are still 17 to 18 percent
lower than they were in the same period last year.
OPEC said there could be a supply shortage
in the second half of 2020 due to new capacity constraints by OPEC+ and lower U.
S.
oil production.
International market research institute IHS Markit recently released a report that after global oil prices reached their lowest point in April, global oil demand increased by 13 million b/d in the past four months, but the recovery level is expected to be slightly lower than the pre-pandemic level
.
IHS Markit made this assessment in the report: crude oil demand surged from May to July and has now reached 89% of the same period last year, compared to 78%
in April.
IHS Markit believes that demand growth is expected to weaken and remain flat to 92-95 million b/d
through the first quarter of 2021.
That's about 92 to 95 percent
of last year's level.
This is mainly because air travel and commuting have been in the doldrums, which is expected to remain in place
until the vaccine is widely available.
Jim Burkhard, vice president and head of oil markets at IHS Markit, said: "At least for now, global oil demand has risen sharply from the lowest point of the crash, at least for now
.
”
In order for demand to fully recover, travel, especially air travel and commuting to work, needs to return to normal
.
This will only happen
after the virus has been contained and an effective vaccine has become widely available.
”
IHS Markit said the number of global air flights was about 30 percent below February levels, but jet fuel consumption was down 50 percent
from 2019 levels as long-haul flights had not yet resumed.
U.
S.
gasoline sales are still 17 to 18 percent
lower than they were in the same period last year.
OPEC said there could be a supply shortage
in the second half of 2020 due to new capacity constraints by OPEC+ and lower U.
S.
oil production.
