BP expects oil demand to return to pre-crisis levels in a year

Oil consumption will return to pre-pandemic levels in the third quarter of 2022, said Eugene Leong, president of oil and gas company BP Singapore. In his opinion, Asia remains the driver of demand growth. In an interview with Bloomberg, Mr. Leong said that the recovery in oil demand has already begun, and by June, stocks of oil and most oil products returned to normal levels. He believes that in 2022 demand will grow on average by 3.8 million barrels per day. The head of BP Singapore admitted that next year the growth of world oil production will exceed consumption, which will lead to a surplus of supply by 700 thousand barrels per day. “The world’s energy needs are rapidly changing, and uncertainty about how and when the pandemic will end will certainly affect the dynamics of the market,” he said (quoted by RIA Novosti). On September 28, the price of a barrel of Brent crude exceeded $ 80 … The establishment of a multi-year maximum occurs against the background of a shortage of raw materials due to actively recovering demand and….

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