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Oil demand could recover by early 2022 - Gazprom Neft CEO

The global demand for oil could return to the levels it stood at before the market was negatively impacted by the coronavirus pandemic as soon as the beginning or middle of 2022, Gazprom Neft Chief Executive Officer Alexander Dyukov predicted on Tuesday.

NEWS IN ENGLISH 23.12.2020, 08:59
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Oil demand could recover by early 2022 - Gazprom Neft CEO
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He added that Gazprom intends to upsize its oil production by activating the mothballed wells in west Siberia in line with the arrangement of which Organization of the Petroleum Exporting Countries (OPEC) and its partners (OPEC+) agreed upon earlier.
Russian Deputy Prime Minister Alexander Novak came out with a somewhat less optimistic forecast the day before, noting that the oil demand could take up to 3 years to recover. He pointed out that the travel bans, which some countries imposed on the United Kingdom over the concerns of the spread of the new strain of Covid-19, have had an impact on oil prices, but expressed modest optimism by noting that the second wave of the pandemic has been milder than the first one.
 

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