A soldier patrolling in front of the Opec headquarters in Vienna, Austria, recently. Opec says it now expects daily demand in 2020 to drop by some 8.5 million barrels per day from last year's level. – EPA pic, May 13, 2020.
THE rebalancing of the oil market is under way and will accelerate, the Opec cartel said today, days after some of its members voluntarily increased their production cuts. The world oil market was thrown into disarray earlier this year as lockdown measures imposed by governments to slow the spread of the coronavirus led to plunge in demand just as crude producers had been stepping up output in a war for market share.
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