Over the long term, analysts at Goldman Sachs said they now believed oil demand would not peak before 2030.
In a research note published Thursday, analysts at Goldman Sachs estimated global oil demand would decline by 8% in 2020, rebound by 6% in 2021 and "fully recover" to pre-coronavirus levels by 2022.
Over the long term, analysts at the U.S. investment bank said they now believed oil demand would not peak before 2030. In a research note published Thursday, analysts at the U.S. investment bank estimated global oil demand would decline by 8% in 2020, rebound by 6% in 2021 and "fully recover" to pre-coronavirus levels by 2022.
Diesel demand was forecast to recover to 2019 levels by 2021, boosted by government-led spending on infrastructure projects.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil prices just had their best quarter in 30 years — what's next?The IEA's Fatih Birol has reportedly said he believes 2020 may well come to be seen as the worst year in the history of global oil markets.
Read more »
Oil prices climb after U.S. inventory drop signals demand riseOil prices rose on Wednesday after an industry report showed crude stockpiles in the United States staged a bigger drop than expected, suggesting demand is improving even as the coronavirus outbreak spreads around the world.
Read more »
Oil rises after drop in U.S. crude stocks suggests demand pickupOil prices rose more than 1% on Wednesday after data showed crude inventories in the United States fell much more than expected, suggesting demand is improving even as the coronavirus outbreak spreads around the world.
Read more »
Venezuela sanctions set off fight for 'plundered' oil cargoA legal battle among shipping magnates is raging in Houston with consequences for US sanctions. Venezuela's Wilmer Ruperti bought gasoline that Greece's Evangelos Marinakis' firm refused to deliver. A cargo of 100K barrels will be auctioned tomorrow.
Read more »
Venezuela sanctions set off fight for 'plundered' oil cargoHigh seas heist or victory for US sanctions on Venezuela? U.S. federal marshals will auction 100,000 barrels of gasoline purchased by Venezuelan businessman Wilmer Ruperti. A fellow shipping magnate who owns Greece's top soccer club refused delivery.
Read more »
OPEC oil output sinks as Saudi deepens cuts and others cut more, survey showsOPEC oil output hit the lowest in two decades in June as Saudi Arabia and other Gulf Arab members made larger cuts, a Reuters survey found, pushing group compliance in a supply reduction pact above 100% despite incomplete adherence by Iraq and Nigeria.
Read more »