Canada Oil Demand Recovering Slower Than US — Market Talk
The US and Canada both saw oil demand collapse last year, but while the US is approaching a full bounce-back, Canada–still struggling with lockdowns–will have to wait until 2022. The EIA says US oil demand is likely to rise 8.2% this year after falling 11.8% last year. Canada oil demand is expected to grow just 3.7% this year, after an 11.3% drop in 2020, according to S&P Global Platts. Canada has had strict quarantines and stay-at-home orders, and BBC recently dubbed Toronto “one of the world’s longest lockdowns.” Nearly 26,000 people have died from coronavirus in Canada, though just 503 were people under 50, according to Statista.
Source: Dow Jones