Oil: world consumption will take 4 years to normalize

According to an unprecedented study by PWC Brasil, the world oil consumption should take about 4 years to return to levels pre-pandemic. Before the Covid-19 outbreak worldwide, the threshold was 100 million barrels of oil per day.

The reason for this phenomenon is the strong retraction in the market which will make production take longer to revert to levels normal. In addition, the reduction in investments by oil companies to increase world reserves and increase production, due to the fall in oil prices product, will lead the world to use stored oil stocks.

However, with the expectation of increased consumption and lower supply within a few years, oil prices and demand are expected to rise between 2024 and 2030, reaching 105 million barrels per day as companies and countries seek the lowest energy cost, according to the consultancy. “Looking ahead to the January 2024 contract for the WTI, the perspective is US $ 53.98, which is an interesting value ”, highlights the PWC.

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