The Сost of Oil Depends on the Vaccination
On Thursday, oil markets fell by about 7%, which was caused, on the one hand, by concerns about demand due to the suspension of the use of the AstraZeneca vaccine by a number of European countries and an adjustment after the price rise, on the other hand. At the same time, in general, oil fell by more than 6% over the week, which is the worst weekly indicator since October.
The head of Saudi state oil company Saudi Aramco said he expects oil demand to increase in 2021, especially from Asia. According to the company's management, by the end of 2021, global oil demand may reach 99 million barrels per day. Saudi Aramco is optimistic about 2021, and the second half of the year is expected to be stronger than the first. Earlier, Saudi Aramco released its results for last year, according to which the company's net profit was $ 49 billion, almost half as much as in 2019. Some observers called this drop in revenue the largest in the modern history of the oil giant. Such results are associated with a sharp decline in oil prices, and the recovery of markets should lead to a strengthening of the company's performance.