Global Oil Demand Could Take Years To Recover

Global oil demand will take at least a year--and probably much longer--to return to the pre-crisis levels of 100 million barrels per day (bpd), Fatih Birol, Executive Director of the International Energy Agency (IEA), told Gulf Intelligence in an interview on Wednesday. The pace at which demand will come back will mostly depend on global economic growth and the possibility of a second wave of COVID-19 infections, which could warrant a return to stricter lockdowns, Birol said. The IEA said in its April Oil Market Report that the coronavirus…