Covid 19 vaccination expected to impact positively on global oil demand

By Tatenda Sanyahawa

The current vaccination roll outs happening around the world are expected to turn fortunes in the Oil Industry with demand expected to reach an average of 99.3 million barrels per day in the year 2021, a market intelligence organization has predicted.

According to S and P Global, in its monthly analysis of oil market for January 2021, oil demand will rise from a drop of 93.1 million b/d in 2020 to 99.1 million b/d in 2021 due to a rise in consumer sentiments after the vaccination process.

“After stalling in the early part of 2021, the World economy is expected to turn stronger starting from spring as the wider availability of vaccines will lift consumer sentiments.

“Vaccination roll outs are expected to be widely felt with global demand rebounding by as much as 11.7 million b/d” said S and P Global.

In 2019, oil demand stood at 102.1 b/d but fell drastically by more than 9 million b/d due to wide spread lockdowns

Several countries have started vaccinating their citizens around the world with vaccinations like,Sputnik,Moderns,Pfizer Biometric, AstraZeneca and Janssen’s having been approved in several countries.

S and P Global is based in Manhattan, New York and is reputable for financial Information and Analysis.

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