Oil demand is conditioned by the level of GDP. The COVID-19 recession is deeper and appears more persistent than the 2009 recession, GDP levels will not be back to pre-crisis levels before at least 2022/2023. This means that demand will remain subdued during this period.There are many efforts to reduce dependence on oil. This reflects an ecological effect as many people want to reduce their global carbon footprint. This means there are important developments underway in looking for alternative sources of energy. The current health crisis is probably a watershed moment. We have all witnessed improvements in efficiency ... (full story)