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Aramco said Tuesday that global demand for crude could return to pre-coronavirus levels by 2022, and the International Energy Agency (IEA) also expects it could take at least a year
.
Saudi Aramco CEO Amin Nasser said the "worst of time is definitely over" for the oil market and that "my prediction is that we will recover
by 2022.
" ”
After an unprecedented drop of 8% this year, global consumption will return to pre-crisis levels
in 2023 if the pandemic is brought under control, the IEA said.
The Covid-19 pandemic has thrown the global economy and oil demand into chaos and sparked speculation
that the world could reach peak oil demand.
But Amin Nasser expressed optimism, insisting the world's largest crude exporter was recovering
.
"Most of the demand comes from developing countries
.
We have seen a big
upturn in East Asia, especially China.
”
But he warned that the speed of recovery depends on whether there will be "a second coronavirus peak and the severity of the second peak"
.
Earlier this month, OPEC predicted that crude oil consumption would continue to grow over the next 25 years, largely due to increased use
of cars in developing countries.
OPEC's forecast contrasts with that of some industry players, including big oil companies like BP, which predicted in its latest long-term estimates that oil demand has peaked or is about to peak due to increased use of renewable energy and increased oil demand
.
Aramco said Tuesday that global demand for crude could return to pre-coronavirus levels by 2022, and the International Energy Agency (IEA) also expects it could take at least a year
.
Saudi Aramco CEO Amin Nasser said the "worst of time is definitely over" for the oil market and that "my prediction is that we will recover
by 2022.
" ”
After an unprecedented drop of 8% this year, global consumption will return to pre-crisis levels
in 2023 if the pandemic is brought under control, the IEA said.
The Covid-19 pandemic has thrown the global economy and oil demand into chaos and sparked speculation
that the world could reach peak oil demand.
But Amin Nasser expressed optimism, insisting the world's largest crude exporter was recovering
.
"Most of the demand comes from developing countries
.
We have seen a big
upturn in East Asia, especially China.
”
But he warned that the speed of recovery depends on whether there will be "a second coronavirus peak and the severity of the second peak"
.
Earlier this month, OPEC predicted that crude oil consumption would continue to grow over the next 25 years, largely due to increased use
of cars in developing countries.
OPEC's forecast contrasts with that of some industry players, including big oil companies like BP, which predicted in its latest long-term estimates that oil demand has peaked or is about to peak due to increased use of renewable energy and increased oil demand
.
