Crude demand to increase by next year similar to 2019 levels...| MENAFN.COM

Saturday, 22 January 2022 05:29 GMT

Crude demand to increase by next year similar to 2019 levels


(MENAFN) According to Lorenzo Simonelli, CEO of Baker Hughes report to Al-Arabiya, crude demand is going to get back to 2019 levels towards the end of the upcoming year, in spite of a few postponements in schemes owing to the pandemic consequences.

The official also stated that domestic oil firms in the Middle East have been planning for the raised demand, while global crude firms, specifically those in North America, have been sustaining financial control in repaying funds to stockholders.

But, a few independent crude oil corporations have already started to raise their capital expenditure as the official said.

At this moment, Baker Hughes views a development in oil and gas facilities activity, not only in North America, but also in global basins with low prices.

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