Oil Demand is Down, But Will it Ever Come Back?

 

It comes as no surprise that oil demand is down in the age of COVID. Crude producers are cutting supply in response to lackluster demand. Though the details of a promising vaccine have boosted oil market growth for the time being, The International Energy Agency (IEA) does not forecast that a vaccine will significantly boost demand “until well into next year,” said a CNBC report.

Marketscale Radio hosts Daniel Litwin & Tyler Kern consider the current and future position of oil in the economy. As the energy industry has drastically shifted over the course of this year, the idea that the economy will return to pre-COVID oil dependency is slim, suggests Litwin. As the oil industry slowly realizes the trend away from oil, what will their long term goals look like in a profitable post-COVID economy, queries Kern.

KEY POINTS:

  • IEA expects world oil demand to contract by 8.8 million barrels per day this year (CNBC).
  • The latter half of 2021 may be when oil demand finally sees a boost.
  • OPEC tapers off oil supply in response to low demand.

Follow us on social media for the latest updates in B2B!

Latest

Maverick of Marketing: How B2B Marketers Can Validate Asking for More Budget
September 16, 2021
   With the 2022 budget season heating up, Shannon Maverick, host of Maverick of Marketing, talked to an expert in marketing about his take on how marketers can validate asking for more budget. Read more
FinTech Meets FoodTech at GroceryShop 2021
September 16, 2021
Key Points: Groceryshop 2021 is taking place September 19-22 in Las Vegas. A key topic of conversation will be centered around the convergence of FinTech and FoodTech. FoodsPass is excited Read more
Chillin’ at Texas Motor Speedway with Portable Cooling Solutions
September 16, 2021
  Fast cars and hot days and nights; that’s how they do it at Texas Motor Speedway. Entertainment is the name of the game, but giving guests and fans a comfortable experience is the goal, no matter the event. Read more