Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

In this list

World oil demand to fully recover in H2 2021: Gazprom Neft CEO

Commodities | Energy | Electric Power | Nuclear | LNG | Natural Gas | Natural Gas (European) | Oil | Crude Oil | Refined Products | Jet Fuel | Coronavirus

Market Movers Europe, Nov 23-27: Fuel demand sees hope in vaccine, as continent endures power surplus


Platts Market Data – Oil

Electric Power | Renewables | LNG | Infrastructure Utilities

Caribbean Energy Conference, 21st

Natural Gas | Natural Gas (North American)

ANALYSIS: Northeast gas prices persist at record lows as mild weather pressures demand

Natural Gas | Oil

Fuel for Thought: Argentina puts fresh focus on developing Vaca Muerta, but concerns abound

World oil demand to fully recover in H2 2021: Gazprom Neft CEO


Demand recovery slowing down

Current prices comfortable for company

Moscow — Global oil demand will return to pre-pandemic levels in the second half of next year, Gazprom Neft CEO Alexander Dyukov said Sept. 23.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

"I think that we can hope to reach 2019 consumption volumes in the second half of next year," Dyukov said on the sidelines of an oil forum in West Siberia, as quoted by Prime news agency.

His forecast was more pessimistic than the energy ministry's, which expects a full recovery in oil demand in the second quarter of 2021.

"We see a slowdown in demand recovery. Of course, the main reason is that the pandemic has not gone anywhere yet. Many countries either expect or have already faced a second wave," Dyukov added.

However, he does not expect strict quarantine measures to be put in place again and a consequent severe market reaction.

Comfortable prices

Oil prices holding near their current $40/b was suitable for Gazprom Neft, Dyukov said.

"This price level is absolutely comfortable for us, and probably for the [Russian state] budget," he said.

However, Russian President Vladimir Putin said Aug. 27 that prices would "better be a little higher" than $46/b.

Russia has a breakeven oil price of about $51/b, according to S&P Global Ratings.

Next year will see prices in a range of $50-$55/b as the world continues to recover from the coronavirus pandemic, energy minister Alexander Novak said Sept. 4.