That ultra low price reached a year ago was only a technical trading thing whereby traders were not able to take physical delivery of the oil they had forward bought and had to sell it any price . Of course it was widely reported in the media as if it was a new world where we were moving beyond oil to a "new normal" etc etc. Like alot of this stuff it was wildly exagerrated , yes the corona pandemic resulted in a demand shock where the demand for oil fell dramatically because of the travel bans. The price of oil is set by the marginal barrel of oil so if you produce a few million barrells above or below the demand it has a dramatic effect. Thats why OPEC was established and they have been largely successful at controlling supply in order to keep supply around demand levels and obtain the best price. However even with dramatic effects of the corona pandemic the demand for oil was still only about 8% less than in 2019,We are being fleeced here on fuel prices at the pumps, anybody see a drop when, last year, you couldn't give
crude oil away? But let it go up $5 dollars a barrel and practically overnight it's reflected at the pumps.
In 2019 100 million barrels per day were consumed
in 2020 it fell to 92 million barrels per day
in 2021 it is estimated to be back at 97 million barrels per day
Therefore the gradual year on year increase in oil consumption will carry on as before, whatever cut back happens in Europe and elsewhere will be taken up by the developing world