Goldman Sachs: Recovery in oil demand will come in 2022

In the report prepared by Goldman Sachs, it was stated that global oil demand is estimated to return to its pre-new type of coronavirus (Covid-19) level in 2022 at the earliest.

The report stated that global oil demand is expected to reach the pre-Covid-19 level only in 2022, with the increase in transportation around the world and the support of infrastructure spending.

The report predicted that global oil demand would decrease by 8 percent this year compared to last year and increase by 6 percent next year, and the recovery in the oil market was estimated to occur in 2022.

The report pointed out that global oil demand this month was 12 percent lower than the same period last year, and emphasized that the recovery in major Asian economies such as China and India increased oil demand.

The report underlined that the demand for gasoline and other fuels will increase as countries around the world ease their quarantine measures, and that jet fuel consumption depends on consumer confidence in air transportation.

On the other hand, the report warned that a second wave of Covid-19 could negatively affect global oil demand and consumption.

Goldman Sachs predicts that the barrel price of Brent type crude oil will be 35 dollars in the near term and will reach 55 dollars in 2022.

Source: https://www.aa.com.tr/tr/ekonomi/goldman-sachs-petrol-talebinde-toparlanma-2022de/1896937

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