Emerging markets in India, Brazil and Southeast Asia could support future demand for oil as post Covid-19 recovery is anticipated faster than in other regions, according to Norwegian consultancy Rystad Energy.

While oil demand is unlikely to return to 2019 demand levels until 2022-2023, with the biggest drop in demand seen in Europe and North America, some locked barrels could go to emerging markets.

India effect

One such market is India, where oil demand could reach 2019 consumption levels in early 2021, Rystad said.