In the short-term, however, the International Energy Agency expects global oil demand to reach around 99 million barrels per day by year-end -- up from 93 million barrels per day in the first quarter of 2021.
Michigan Gov. Gretchen Whitmer, a top Biden ally, ordered Canadian energy company Enbridge last fall to shut down its Line 5 - a key piece of a crude delivery network from Alberta's oil fields to refineries in the U.S. Midwest and eastern Canada.
As some countries have picked up the pace of distributing vaccines, there are glimmers of hope that the pandemic may get under control and economies will recover. Oil companies anticipate that will mean more cars on the road and planes in the air.