Welcome to Thoughts in the Market.

I'm Andrew Sheets, Chief Cross-Asset Stragist for Morgan Stanley.

And I'm Martin Ratz, Morgan Sandi's Global Oil Strategist and Head of the European Energy

Research Team.

And today on the podcast, we'll be talking about supply and demand dynamics for oil markets

in 2021 and the impact of environmental, social, and governance considerations on global

energy companies.

It's Thursday, February 4th at 3pm in London.

So Martin, one of the reasons I wanted to talk to you today is the Earth Center of these

two really big stories that are going on at the moment.

One is about commodities themselves, which are often very popular asset classes, following

a recession as the economy recovers.

And the other is ESG, where environmental considerations are increasingly important to

investors and have depressed the demand for many energy-related names.

So Martin, let's take those in turn.

When the global economy collapsed, we saw a large reduction of oil consumption.

How are those oil demand figures looking now?

What does that demand side of the oil market looked like to you?

Yeah, thanks Andrew.

Long story short, we think that we're running somewhere between five, maybe six million

barrels a day in terms of total oil demand below pre-coronavirus levels.

And to put that in context, normally oil demand is running in the order of a hundred

...