A new year often brings with it fresh optimism and 2021 has been no exception. One indication of this has been the steady rise in the price of crude oil, which has led to international benchmarks breaching $60/barrel in recent weeks.
Despite this, the global pandemic continues and we have seen countries seek to protect their populations through vaccination programs. In the United Arab Emirates there has been a swift rollout of vaccinations, with half the population having already received theirs. As vaccinations accelerate, oil demand is expected to continue rising as the global economy recovers from last year’s contraction.
Refined oil products are set to see stronger demand year on year, given the low base in 2020. The Middle East continues to play a critical role in the oil markets, being the single largest producing region. In addition, new refining capacity in the region sees it playing a bigger role in the refined product markets.
Join S&P Global Platts editorial and analytics teams as they deliver the latest insights during our Virtual Dubai Energy Forum.
Despite this, the global pandemic continues and we have seen countries seek to protect their populations through vaccination programs. In the United Arab Emirates there has been a swift rollout of vaccinations, with half the population having already received theirs. As vaccinations accelerate, oil demand is expected to continue rising as the global economy recovers from last year’s contraction.
Refined oil products are set to see stronger demand year on year, given the low base in 2020. The Middle East continues to play a critical role in the oil markets, being the single largest producing region. In addition, new refining capacity in the region sees it playing a bigger role in the refined product markets.
Join S&P Global Platts editorial and analytics teams as they deliver the latest insights during our Virtual Dubai Energy Forum.
