Global Oil Demand to Recover by Late 2021, Early 2022: UAE Energy Minister

United Arab Emirates (UAE) Energy Minister, Suhail al-Mazrouei has expressed optimism that global oil demand will return to pre-COVID-19 pandemic levels by the end of 2021, or early 2022, according to local media reports.

Speaking at the Gulf Intelligence Global UAE Energy Forum on the 13th of January 2021, al-Mazrouei noted that he was confident that the Organization of the Petroleum Exporting Countries and its oil producing allies (OPEC+) Group would continue to ensure that the market was balanced faster than expected. Al-Mazrouei added that the recovery of global oil demand so far had been better than anticipated.

According to its latest forecasts, OPEC has projected that global oil demand will increase by 5.9 million barrels per day (b/d) to 95.89 million b/d in...