Demand Growth for Oil Products Has Peaked, Citigroup Says
- Bank says return to $100 oil ‘more fantasy than reality’
- Follows reduction of long-term forecasts from BP, Shell
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Demand growth for refined oil products will never return to the levels it reached before the coronavirus outbreak, Citigroup said.
As the global economy restarts, fewer people will fly and use their cars, analysts including Ed Morse wrote. With meetings going virtual and business no longer needing to move employees around the world in the same way as before, there will be powerful forces pushing a transition away from oil, they wrote in a report.