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Russian Deputy Energy Minister Pavel Sorokin said on Monday that they expect the global oil demand to return to 100 million barrels per day (bpd) in the next two-to-three years, as reported by Reuters.

Additional takeaways

“We will not see a full recovery of air travel in the next two years.”

“We will see oil demand growth in the next 10-15 years at least.”

“There is a risk of supply crunch due to a decline in investments.”

Market reaction

These comments don’t seem to be having a significant impact on crude oil prices. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $38.08, gaining 1.85% on a daily basis.