OPEC expects that it will need to pump an average of 28.92 million barrels a day of crude to satisfy demand during the fourth quarter
Investors are also facing the prospect of rising supply as demand moderates
Crude has climbed more than 50 per cent this year
Supply losses are likely to dwarf any demand destruction
OPEC+ ministers are due to meet June 1 to consider the state of the market and the group’s production policy
Abdulla Bin Damithan replaces Mohammed Al Muallem, who has been promoted to executive vice president
The combination of frigid temperatures and refinery closures has spurred a scramble for fuels
Futures in New York traded near $55 a barrel after jumping almost 5 per cent over the previous two sessions
As demand starts to rally, developers need to ensure they keep pace with the changing requirements from investors
Tech companies should consider the necessary structural changes that will ensure their companies can survive in the post-pandemic business environment
OPEC and allied producers have started to ease output curbs amid weakening demand
Oil is still up almost 70 per cent this month as supply curbs trim a global glut and pockets of demand emerged after the easing of lockdown restrictions
Oil has surged about 75 per cent this month as pockets of demand return
There’s still a risk, however, that oil’s recovery could be derailed if the pandemic worsens
OPEC+ will look at all options when it meets again in June, Mohammad Barkindo said