Aramco, Chevron Execs See Global Oil Demand Recovery on the Horizon

Global oil demand is recovering and could return to around pre-pandemic levels next year, the chief executive of Saudi Aramco told an oil and gas conference on Tuesday.

Global demand for oil is likely to recover from the second half of the year and could reach 99 million barrels per day (bpd) in 2022, Amin Nasser said at IHS Markit’s online CERAWeek conference.

Diesel demand has recovered globally due to door-to-door deliveries, though jet fuel lags as people avoid long flights, said Chevron CEO Michael Wirth, who spoke on a panel with Nasser.

Oil demand improving in China, India and East Asia, with vaccine deployment as “cause for optimism” in the West, Nasser said.

(Reporting by Jennifer Hiller)