Oil prices soar even as consumption remains below trend


Share post:

pre-pandemic levels by the first quarter of 2022, driven by a strong expansion as the Global oil consumption driven by a strong expansion in global manufacturing and freight transport as well as the gradual re-opening of major economies.

With the continuous loss of fuel consumption from quarantine restrictions on passenger aviation expected.

The remarkable recovery in economic activity and oil consumption is mostly the result of the rapid deployment of effective vaccines in Europe and North America and strict quarantine controls in China and other parts of Asia.

more than 2% or 2 million b/d below its pre-epidemic trend at the end of 2022, long-term scarring caused by the coronavirus and associated infection controls.

But in the five years before the coronavirus, global consumption was growing at an annual rate of just over 1% or a little over 1 million b/d per year.

The households have also helped heal the oil market far quicker than seemed likely at the height of the epidemic

Read more articles like this at thepopnews



Please enter your comment!
Please enter your name here


Related articles

John Travolta Gets Teared up Introducing 2023 Oscars ‘In Memoriam’ Tribute, Including friend Olivia-Newton John

John Travolta becomes emotional introducing the 2023 Oscars 'In Memoriam Tribute. 'In Memoriam' is a special tribute that...

Jimmy Kimmel Address Will Smith’s Slap at Previous Oscars in His Opening Monologue!

Jimmy Kimmel address Will Smith's slap at the previous Oscars. The tv becomes the host of the 2023...

Brendan Fraser Gives an Emotional Speech After Winning Best Actor Oscar for ‘The Whale’

Brendan Fraser is reflecting on the hardships of his career. The actor won the Academy award the "Best...

The Academy Awards Winners Of 2023 Is Finally Here

Yesterday the 95th Academy Awards come on board. The star studded Award show was hosted by none other...