The trend of consumption and environment related issues in the past years assumes the demand of 6.7 mb/d for the fuel oil in 2020. The COVID-19 pandemic unleashed a number of uncertainties related to future oil demand prospects.

Following the demand collapse in 2020, oil demand growth is expected to recover over the medium-term and reach the level of 103.7 mb/d by 2025. The pandemic’s effect on global oil demand in the OECD has further exacerbated the divergent trends between the OECD and non-OECD.