Prices to rebound in line with the economic recovery

Energy demand and prices have continued to recover from their virus-induced lows, but they remain depressed. However, we expect the revival in energy demand to pick up pace in 2021 as developed economies phase out virus-containment measures and economic activity rebounds, albeit gradually. That said, prices will remain low by pre-virus standards. Turning to the longer term, we suspect that the structural changes accelerated by COVID-19 have brought peak oil demand forward to around 2030.