World’s Largest Oil Trader Expects Strong Demand Rebound This Year

Global oil demand is set for a rebound between now and the end of next year, with consumption expected to rise from current levels by as much as 8 million barrels per day (bpd) by end-2022, according to the world’s largest independent oil trader, Vitol Group. “We will need all eight cylinders to get through 2022,” Vitol’s chief executive Russell Hardy told Bloomberg in an interview published on Tuesday.  Currently, oil demand is somewhere 3.5 million bpd below the “normal” levels of 2019, when consumption…