As global oil demand charts a path to recovery it is becoming increasingly clear that the world is recovering at an uneven pace. China was the first to go into lockdown and the first to emerge, seeing its own oil demand quickly return to pre-pandemic levels. However, recently the rest of Asia has lagged, with Eastern demand being impacted by strict lockdowns in Southeast Asia and India. In recent years, the East has been heralded as the major driver of oil demand but this quarter the West has been the major driving force as the US continues to rebound and Europe emerges from lockdowns following major vaccination drives.
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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