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Energy

REUTERS SUMMIT-Oil demand likely to take at least a year to hit 2019 levels - Gunvor head

LONDON, Nov 9 (Reuters) - Global demand for oil is running about 5 million to 6 million barrels per day (bpd) below pre-coronavirus crisis levels and OPEC with its allies is likely to prolong its existing cuts, the head of trading house Gunvor said on Monday.

Torbjorn Tornqvist, chief executive of Gunvor Group, also told the Reuters Commodity Trading Summit the market would not recover to 2019 levels for at least a year and OPEC with its allies were likely to prolong existing production cuts into the first quarter of 2021.

Reporting by Julia Payne and Dmitry Zdhannikov; Editing by Edmund Blair and David Evans

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