In February 2021 the BBC reported that Oil and Gas Industry "Having hit an all-time low last year, oil has recovered on the hopes of a quicker economic turnaround."
The BBC report also quoted, "The biggest driver for the latest surge in prices seen through last week was a sharp upturn in expectations for economic and oil demand recovery on signs that the coronavirus may finally be in retreat," Vandana Hari, founder of Singapore-based oil markets data firm Vanda Insights told the BBC.
In addition to the statement from Royal Dutch Shell chief executive Ben van Beurden who said in relation to the fact that demand has been rising in parts of the world, particularly Asia. "We are quite optimistic about what it is that we are seeing in China.”
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