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We see a likely revival in oil demand in H2 CY21 and CY22 as the Covid-19 vaccine administration gathers momentum globally.
This, along with the closure of weaker refining capacities, especially in Europe (of an estimated 1.5 million barrels per day) could also improve refining spreads and margins.
U.S. agency Energy Information Administration estimates that oil demand will touch 97.5 million bpd in CY21 and 101.3 million bpd in CY22 versus 92.2 million bpd in CY20.
On the other hand, International Energy Agency is more cautious and expects oil demand to touch pre-Covid-19 levels by CY23.
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