Oil demand to attain pre-pandemic level by 2022: Goldman Sachs
WASHINGTON (US) – Government efforts to boost economies and a shift to private transportation should help the demand for oil across the globe attain pre-pandemic levels by 2022, said Goldman Sachs on Thursday.
Oil demand is slated to drop by 8% this year. It is likely to rebound by 6% in 2021, attaining pre-coronavirus levels by 2022, said Goldman Sachs in a statement.
Said Goldman: “Oil demand has already started to recover with the initial pace of recovery surprising to the upside in economies like China and India. Demand is still below normalised level with June demand estimated to be 12% below last year levels.”
Among oil products, the US bank expects petrol to exhibit the fastest demand recovery. On the other hand the consumption of jet fuel is likely to suffer more as most people are expected to stay away from air travel.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field