Premium Content Why Is Most Oil Found In Deserts And The Arctic? By Alex Kimani - Apr 21, 2021, 3:00 PM CDT The short-term energy outlook has improved considerably over the past few months, thanks mainly to the ongoing Covid-19 vaccine rollout. A cross-section of analysts now expects oil demand to bounce back to near pre-pandemic levels during the second half of the year, while others are predicting a shortfall and price rally. The same can, however, hardly be said about the long-term outlook, with WoodMac recently causing some consternation after predicting that Brent will change hands at just $10 per barrel in 2050 as renewables rapidly take over.