Daily Management Review

UAE names timeline for oil demand to return to pre-pandemic levels


UAE Industry Minister: Oil demand up about three million barrels a day.

Gary Bembridge
Gary Bembridge
Sultan Al Jaber, Minister of Industry and Director of Abu Dhabi Oil Company ADNOC, said on Monday during the Global Energy Forum that a return to pre-pandemic CPOVID-19 oil demand levels is possible by the last quarter of 2022, with supply beginning to decline relative to demand in the near future.

According to him, demand is currently up by about three million barrels per day compared to last year.

The minister also said that annual investment in the oil and gas industry is $200 billion less than the required level, the reduction in investment in this area for a long time has created risks in the markets.

source: reuters.com