Oil & Gas

20 Aug 2020

Global Oil Demand is Expected to Return to 97% of Pre-Epidemic Levels by the End of the Year

20 Aug 2020  by World-Energy   

Saudi Energy Minister Abdulaziz bin Salman said in the evening of the 19th local time at the OPEC and OPEC+ ministerial video conference that global oil demand is expected to return to the new crown by the end of 2020 97% of the level before the outbreak of pneumonia.

Abdulaziz said in the opening speech of the conference that the international crude oil market has shown signs of improvement in the past period of time. In particular, the reduction in global inventory levels and the rapid recovery of fuel demand have supported the stability of the crude oil market, but he is still vigilant about possible emergence. The second peak of the epidemic brought negative effects.

The Saudi-led Organization of Petroleum Exporting Countries and Russia and other non-OPEC oil-producing countries reached the largest crude oil production reduction agreement in history in mid-April this year. However, due to various reasons, some countries failed to complete their production cuts from May to July. , September to implement a compensatory production reduction plan.

The Saudi Energy Minister revealed in his speech that the participating countries in the production reduction agreement completed 97% of the agreed production reduction in July, and emphasized that all countries should complete all established production reduction shares by the end of September to ensure the smooth implementation of the next phase of the production reduction agreement.

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