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World's largest oil trader expects demand to rebound strongly this year

According to the media on April 20: the world's largest independent oil trader, Vito Group (Vitol Group), said global oil demand will rebound from now to the end of next year, and oil consumption is expected to rise by 8 million barrels per day from its current level by the end of 2022.



Victor ceo russell. Hardy said, Oil demand is 3.5 million barrels per day below its normal level in 2019, The consumption was about 100 million barrels per day. Hardy also said, Reopening economies and Asian demand will support a strong demand rebound from the end of this year to 2022. Demand for aviation fuel will recover more slowly than other oil products, By the end of the year will still be 1.5 million barrels per day lower than the 2019 level. But, uh, Other products, Especially the proliferation of petrochemicals, will offset the lag in the recovery of aviation fuel demand. The record 1 billion barrels of oil surplus accumulated last year has consumed more than half. Hardy told Bloomberg, At the current rate of 2 million barrels per day, The remaining excess oil stocks will run out by the end of the third quarter of this year, Although OPEC plans to increase production by 2 million barrels per day by July. Victor's view of the oil glut is similar to that of other forecasters and analysts, They say, The end of excess inventory is coming. Hardy told Bloomberg, For the rest of the year, OPEC will remain market manager, In a surge in demand, The alliance will ensure market balance, Because the organization has the largest idle capacity.