The worlds largest oil traders expect a strong rebound in demand this year

According to media on April 20:  now to the end of next year, global oil demand will rebound,  oil consumption is expected to rise by 8million barrels per day  the current level by the end of 2022, according to the media on April 20.

At present, oil demand is 3.5 million barrels per day lower than normal levels in 2019, with consumption of about 100million barrels per day, said Russell Hardy, chief executive of Vitol.

Hardy also said reopening economies  Asian demand will support a strong rebound in demand  the end of this year to 2022. Demand for aviation fuel will recover slower than other oil products  will still be 1.5 million barrels / day lower by the end of 2019. However, the surge in other products, especially petrochemical products, will offset the lag in the recovery of aviation fuel demand.

The record 1billion barrels of oil surplus accumulated last year have consumed more than half of the total. Hardy told Bloomberg that at the current rate of 2 million barrels per day production cuts, the remaining excess oil stocks will be depleted by the end of the third quarter of this year, although OPEC + plans to increase by 2 million barrels per day by July.

Vito's view of excess oil is similar to other forecasters  analysts, who say the end of excess stocks is coming.

Hardy told Bloomberg that OPEC + will continue to be market manager for the rest of the year  the alliance will ensure market balance in the event of a surge in demand, as the organization has large idle capacity.

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Source: International Petroleum Network