With the global economic recovery comes strong demand for energy. Once high energy demand related to the cold season passes and production increases, prices for many energy products is expected to decline to more stable levels, although higher than those experienced before the pandemic.
Since mid-2020, oil consumption has outpaced production. The reopening of economies has boosted energy demand, leading to a crisis in Europe and Asia. To counter a shortage of natural gas, many countries have turned to oil and coal to meet their needs.
Oil and gas production is expected to continue to increase throughout the year but will only be sufficient to replenish inventories by the end of 2022. Energy prices should therefore remain high, or even increase, in the short term. However, they should begin a downward trend later this year.
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