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Motilal Oswal Report
Developments such as -
1. a change in leadership in the U.S. and 2. increasingly positive news related to the Covid-19 vaccine are expected to soon boost global economic recovery. This, in turn, is likely to drive oil demand.
The oil demand growth forecast for CY21 currently stands at approximately 6.5 million barrels of oil per day versus estimated loss of approximately 9.5mnbopd in CY20.
Refining margins, which have averaged at 0.3/barrel of oil U.S. dollar in CY 20YTD, are also likely to rise with an increase in demand for petroleum products.
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