LONDON/DUBAI - The oil market is getting closer to balance as demand gradually rises, OPEC’s secretary general said on Monday, two days before the group and ally Russia meet to decide whether to ease output curbs from August.
The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, have been cutting output since May by 9.7 million barrels per day after the coronavirus crisis destroyed a third of global demand and caused a price collapse. “The gradual reopening of the economies and societies around the world has provided a much-needed resurgence in demand,” while the supply cuts “have helped reverse a rapidly rising trend in inventories,” OPEC’s Mohammad Barkindo said.
The assessment from Barkindo during a webcast presentation on Monday, suggests drastic changes to the OPEC+ deal are unlikely. He did not comment directly on whether the producers would ease the supply cut.Oil has recovered to almost $43 a barrel from a 21-year low below $16 in April.
Impossible. Low oil prices are here to stay! People are working from home and not allowed to drive to their families and social events. OPEC must adapt to the new reality or die trying to remain stagnant!
Crooked manipulation oil guts are in Russia Saudi Arabia and America so how did that magically happen
If you are wondering why they lockdown at 100 cases and reopen at 10,000 cases and try to send your kids to school, look in this direction.