BHP anticipates a structural supply-demand gap for oil through the 2020s
LNG to slide, but crude prices to stay high – BHP
The Anglo-Australian miner sees continuing strength in oil markets
BHP “see[s] no clear directional bias for oil prices from current elevated levels, while LNG prices are more likely to move lower than to sustain (or set new) all-time highs,” according to the resources firm’s vice-president, market analysis and economics, Huw McKay. Oil demand “has, in general, been progressively more resilient to each successive Covid-19 wave, and the rebounds that we have observed from these progressively shallower demand dips have been consistently robust”, says McKay, citing use by trucking and light-duty vehicles (passenger cars, light trucks, vans and SUVs) and Asian petrochemical demand as particularly strong performers. “Even with only a partial rebound in aviation
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