Oil demand won't recover until end of 2021 - Morgan Stanley
By MYBRANDBOOK
The loss that Global oil demand is facing amid COVID-19, will take the last quarter of 2021 to recover its 2019 phase, said American multinational investment bank and financial services company Morgan Stanley report.
"The demand recovery will be somewhat muted, and we could see some structural changes to people's behaviour," Morgan Stanley's head of oil research Martijn Rats told reporters.
According to a report, WTI Crude prices are set to stabilize in 2021 at levels around $40 per barrel, and Brent Crude prices could be around $45 per barrel.
As per the International Energy Agency’s (IEA) latest monthly report for April 2020, the demand loss due to the coronavirus pandemic could result in a stock build of 12 million barrels per day (bpd) in the first half 2020, despite the OPEC+ decision to cut collective production by 9.7 million bpd in May and June.
The historical OPEC production cut deal may have prevented a total disaster in the oil market, but it will be unable to stave off the impending global oil inventory build that is threatening to fill all the available storage in the world over the next few weeks, the IEA said in the middle of April.
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