Brazil’s oil industry sees COVID-19 impact until the end of 2021

Brazil’s oil industry expects a recovery in domestic demand in the next months driven by growing China imports, but the negative effects of COVID-19 are expected to last through the end of 2021, lobbying group IBP said in a note on Tuesday.

Consumption could drop by more than 10%, and oil prices should range between $20 and $40 per barrel without coordinated output cuts or social isolation, the institute estimated.

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