Global demand for oil has recovered to around 94 MMbbl/d and could increase to 99 MMbbl/d by 2022, according to Amin Nasser, CEO of Saudi Aramco, the world’s biggest oil company.

“I see the markets improving,” Nasser said during this year’s virtual CERAWeek by IHS Markit conference. “We have seen China and East Asia with strong demand. India is also picking up to almost the same rate as pre-COVID. There has been an impact that we see in the West and the U.S., but with the rapid deployment of vaccines, we are seeing good cause for optimism and recovery in demand.”

Nasser is, however, concerned about a “jobless recovery” of the oil market in the long term.

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