Oil Demand Outlook Said Strong, but Spare Capacity Keeping Prices in Check

Global demand for oil and natural gas is likely to continue growing for the foreseeable future, although talk of an impending oil price “supercycle” has proved premature for now, a panel of experts agreed Friday.

For the next five years, “We have a very constructive view on oil demand,” said ConocoPhillips chief economist Helen Currie in a webcast hosted by Rice University’s Baker Institute for Public Policy.

She said ConocoPhillips expects demand to recover to 2019 levels “on a sustained basis by probably 2022.” However, the Houston independent is keeping an eye on multiple bearish and bullish factors with potential to impact the recovery. Currie noted it will take time for the U.S. economy to recover from unemployment, underemployment and exacerbated inequality...