Capped Demand

Per WSJ:

Global appetite for oil will remain subdued in the first quarter of 2021 due to coronavirus lockdown measures and rising infection rates, the Organization of the Petroleum Exporting Countries said Thursday.

In its monthly report, OPEC maintained its forecast that world oil demand in 2021 won’t recover to the levels seen before the pandemic. Global demand took a 10% hit last year and the cartel expects it to rebound to 95.9 million barrels a day this year, but remain 4% below 2019 levels.

https://www.wsj.com/articles/oil-demand-recovery-set-to-fall-short-of-pre-pandemic-levels-this-year-11610626800?mod=markets_minor_pos4

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