FILE PHOTO: Oil and gas tanks are seen at an oil warehouse at a port in Zhuhai, China October 22, 2018. REUTERS/Aly Song - RC114DB58B20/File Photo
“We expect demand to rebound to about 97 million barrels per day by Q4 as economies come out of lockdown - a significant improvement although still down about 4 million bpd year-on-year,” the bank said. The OPEC and producers including Russia, a group known as OPEC+, agreed last month to cut their combined output by almost 10 million bpd in May-June to support prices at a time when pandemic quarantines have slashed fuel demand.
The bank, however, said the recent rebalancing was mostly supply rather than demand-driven with the rise in crude prices compressing refining margins even further and inventories of oil products rising fast relative to crude oil stocks.
It won't happen Russian is getting ready to produce more oil. It has no debt and its banks are full of gold. It will seek retribution for the breakup of the USSR, hold on for the ride.
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