Tuesday, March 2, 2021

Bloomberg: The return of US demand for oil restores balance to the crude markets

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The American “Bloomberg” agency reported that the return of US demand for oil after months of stalemate contributed to supporting the market recovery process and restoring balance to it, after the shock caused by the outbreak of the Corona virus pandemic, which caused heavy losses in black metal prices over the past year.

In the context of a report broadcast on its website today, Saturday, Bloomberg stated that US refineries are currently experiencing a production momentum, the highest since the outbreak of the Corona pandemic began last March, in preparation for an expected increase in demand for gasoline and fuel during the next summer season supported by the global campaign to distribute Corona vaccines, which are expected to contribute to limiting the spread of the virus.

And she saw that the restoration of American demand recovered after it had been months locked in the repercussions of Corona, leaving the stage for the countries of the Asian continent to become the only bright spot for the oil markets, helped in the rapid recovery of prices to break the barrier of $ 60 a barrel, recovering from the losses of the crisis that fell below the zero level during transactions last year.

“Bloomberg” agency warned that the increase in US domestic demand for crude may be matched by a shortage of supplies, after the daily production fell by about 2 million barrels, following the severe financial crisis that hit the sector, coinciding with the isolation, closures and budget cuts, and a number of companies applied to declare bankruptcy.

She indicated that the US government estimates indicate that oil production may recover during 2022, reaching only 11.5 million barrels per day.

The article “Bloomberg”: The return of US demand for oil restores balance in the crude markets was written in the Al-Borsa newspaper.

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Bloomberg: The return of US demand for oil restores balance to the crude markets