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Oil prices soar even as consumption remains below trend

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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

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