Insight
Covid-19 and oil demand: A world divided
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Report summary
The world’s response to the continued pandemic is divided, shifting the impact on oil demand by region. As vaccination programmes accelerate in the OECD, the Covid-19 response paradigm has fundamentally changed. With mask mandates and vaccine promotion the key tools now being used in lieu of restrictions/lockdowns, the impact from Covid-19 on OECD liquids demand is reduced substantially. OECD demand growth is allowing the global liquids total to increase 5.5 million b/d year-on-year over 2020. By contrast, in most of Asia Pacific, lockdowns and mobility restrictions remain the preferred containment tool, softening the impact of the demand acceleration in the OECD.
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