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Oil
Date:2021-8-17 click:1292
The Covid-19 crisis caused a historic decline in global oil demand in 2020, but not necessarily a lasting one. In the absence of major policy changes from governments and more rapid changes in behaviour, global oil demand is set to increase for years to come.![]() To meet the expected growth in oil demand over the coming years, producers from the Middle East will lead the global supply increase, largely from existing shut-in capacity. The region’s expanding market share would mark a dramatic shift from recent years when the United States dominated growth. As for the downstream, Covid-19 left the world with a refinery capacity overhang that recent closures have only just begun to correct. |