“The question is, what happens next year? And next year, we think the demand growth will be much smaller than this year because the Covid recovery phase is over. Opec says that it still expects 2.4 million barrels per day growth. Many people, including ourselves, think that the demand growth will be maybe 1.2-1.4 million barrels per day. If indeed the demand growth is lower, then Opec needs to continue to cut back. ”
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