As covid seems to slow down, global oil demand begins to climb upwards

Overall, for the first quarter of the fiscal year 2022, OMC sales increased by 24% year-on-year, of which furnace oil saw an increase of 38% year-on-year

The world just wants the pandemic to be over. Every second government or even organization can be heard passing statements some few months which will contain some variation of the following phrases: ‘vaccines’, ‘growth’, and ‘recovery’.

And so it goes even with sectoral organizations. Take the International Energy Agency (IEA) or Organization of the Petroleum Exporting Countries (OPEC). For the IAE, “The latest news on the Covid front is more optimistic, with global cases falling in recent weeks, continued progress in vaccine manufacturing and inoculations, and less restrictive social distancing measures in many countries.” Meanwhile, OPEC has said it expects global oil demand to exceed its pre-pandemic level next year because of economic recovery.

 

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