Oil demand should recover by the end of the year

According to Saudi Arabian Energy Minister Abdulaziz bin Salman Al Saud, global oil demand is expected to resume pre-pandemic levels as early as the fourth quarter of 2020. The statement was made on Wednesday (19) at a meeting between the Organization of Petroleum Exporting Countries (OPEC) and the allies, known as OPEC +.

The minister also demanded a greater commitment from OPEC and of its allies with the supply cuts that the group has been promoting to sustain commodity prices. In addition, the Saudi minister commented that the agreement to cut demand could go beyond April 2022 if necessary.

“Based on the average projections of several institutions, including OPEC, IEA and IEA, it is estimated that the world will reach during the fourth about 97% of pre-pandemic oil demand in the quarter – which is a big recovery from the huge falls in April and May ”, said the prince Abdulaziz bin Salman.

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