• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 10 mins Joe Biden's Presidency
  • 23 hours https://www.prageru.com/video/whats-wrong-with-wind-and-solar/
  • 1 hour The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 18 hours Here it is, the actual Complaint filed by Dominion Voting Machines against Sydney Powell
  • 15 hours Is the Chinese CCP Following the Left's Leadership, or the Left Following the CCP's?
  • 5 hours Did I Miss Something?
  • 2 days JACK MA versus Xi Jinping
  • 56 mins Minerals, Mining and Industrial Ecology
  • 1 day CNN's Jake Tapper questions double amputee purple heart recipient GOP Rep's commitment to democracy. Tapper is a disgrace.
  • 1 day 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers
  • 1 day Do Republicans like Liz Cheney, Adam Kinzinger, Mitt Romney and now McConnell think voting for Impeachment can save the party ? Without Trump base what is the Republican constituency ? It's over.
  • 2 days Researchers Are Harvesting Precious Metals From Industrial Waste
The Real Crisis For Oil Is Yet To Come

The Real Crisis For Oil Is Yet To Come

While energy companies have worked…

Will Oil Demand Recover In 2021?

Will Oil Demand Recover In 2021?

Oil prices are rallying due…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Gazprom Neft Sees Full Oil Demand Recovery By The End Of 2021

Russia’s oil producer Gazprom Neft believes that global oil demand will return to its pre-pandemic levels in the second half of 2021, chief executive Alexander Dyukov said at an energy forum in Russia on Wednesday.

“Many countries are either expecting or facing a second wave, but we believe that very harsh quarantine measures, like the ones earlier this year especially in Europe, will not be re-imposed,” Dyukov said, as quoted by Russian news agency TASS.  

“We hope oil consumption will return to the pre-crisis levels in the second half of next year,” the CEO of Gazprom Neft said. 

Russia’s Energy Minister Alexander Novak is slightly more optimistic than Dyukov, as Novak said last week that he expects oil demand to recover fully from the effects of the pandemic by the second quarter of 2021.

Global inventories of crude oil declined by 45 million barrels in August after a 34-million-barrel reduction in July, Novak said in a TV interview.

“Reserves accumulated in the second quarter are gradually shrinking, and we see that July and August were the first two months when stocks declined gradually. The reduction roughly amounted to 45 mln barrels in August and 34 [mln barrels] in July,” Novak told Rossiya-24.

Novak said that he expected oil demand to recover fully from the effects of the pandemic by the second quarter of 2021. Even now the oil market is in a supply deficit, amounting to between 1.5 and 2 million bpd, which is helping to reduce inventories, the minister said.

OPEC and the International Energy Agency (IEA), however, do not believe global oil demand will fully recover from the effect of the pandemic next year.

Last week, the IEA cut its forecast for global oil demand this year, citing an “even more fragile outlook” about the oil market rebalancing and expecting demand to fall by 8.4 million bpd from 2019. OPEC also downgraded its global oil demand forecast for the second time in a row. OPEC now sees oil demand dropping by 9.5 million bpd this year compared to 2019, as risks with the pandemic and economic activity remain skewed to the downside. 

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Carlos Blanco on September 23 2020 said:
    “We hope .. "

    There you go. It's a hope, not a prediction. And it's just a 'prediction' from one country that depends heavily on oil income. Even OPEC is not that hopeful. Pandemic is still long way from over.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News