Prior to 2022, the global oil market witnessed volatile conditions due to the outbreak of the Covid-19 pandemic. Most countries introduced movement restrictions, border closure, and temporarily shut down businesses to curb the virus spread. Thus, the demand for crude oil declined by 9.1% to 91.0 million barrels per day (mbpd) in 2020 (2019:100.1mbpd), following the sharp contraction in economic activities. However, in 2021 global oil demand improved by 6.2% y/y to 96.6mbpd, albeit below the pre-pandemic levels, amid a gradual recovery in economic activities and an improvement in transportation fuel consumption.