Oil demand is not expected to return to 2019 levels until the end of next year or early 2022, with future growth to be “much more modest” than the 2 million b/d growth rates of the past, according to IHS Markit Vice Chairman Daniel Yergin.

Yergin

The executive, who released his newest book, “The New Map: Energy, Climate, and the Clash of Nations,” in September, discussed how the eventual oil recovery may take shape in a recent video interview with the Dubai-based Al-Arabiya News Channel’s English language service. In the interview, Yergin said future oil growth would depend on a number of factors, including the price of oil and how consolidation in the upstream space takes shape.

In addition, Yergin said shale producers now are in the position of having to convince wary...