Experts note a sharp drop in oil demand due to quarantine restrictions in Europe
According to the calculations of the consulting company Rystad Energy, consumption oil in the world fell by 1.76 million barrels per day in comparison with December 2020. This is due to the fact that the intensification of the pandemic coronavirus restricted movement in European countries - the amount of traffic decreased, and with it the volume of consumption automotive fuel. Both indicators have reached minimum values from June. Restriction of movement is associated with increased quarantine measures taken by the authorities of the countries. However, now the factor that, for its part, stimulates demand, there is a sharp cold snap in the western hemisphere, contributing to growing demand for raw materials for heating purposes. Beyond that, optimism investors strengthen Saudi Arabia's plans to reduce oil production in the next two months by 1 million barrels per day. Topics no less experts pay attention to the low level of demand for energy carriers in the eurozone. Oil demand is expected to fail recover in the coming months.