Demand for oil in Europe will no longer reach pre-crisis levels expert

Demand for oil in European countries will not be able to return to the levels seen before the coronavirus outbreak in the future, says Joel Cowes, special adviser to the IEA on energy markets. This will not happen despite the fact that feedstock consumption is expected to grow in the future. By 2025, according to the expert forecast, the demand for petroleum products in the region will be 200 thousand bpd lower than in 2019. He voiced this opinion during an Argus webinar. This is due to both the coronavirus pandemic and other factors, the expert explained. These include the growing popularity of electric cars, the falling under bans of diesel-powered cars, and the growing number of people working remotely. In addition, the population began to use electric scooters, segways and bicycles more often as an alternative to conventional cars. According to the head of Vitol's research department, Giovanni Cerion, global oil demand in two years will lag behind pre-crisis levels by 3 million b/d.