Are we going to have a second wave or not? I hope not. I hope we’re not going to limit travel and we will go back to at least a consumption level that is reasonable. Now we are back to the consumption level of 2013, believe it or not.
Mazrouei did not define what “normal” prices were but benchmark Brent crude averaged about $64 a barrel for last year.
The OPEC+ coalition, lead by Saudi Arabia and Russia, agreed on cuts in April to save oil prices from the impact of the crisis and extended the cuts through July. The alliance set a cut output by 9.7 million barrels per day, which is 10% of pre-pandemic demand, to the end of July.
In previous deals we had countries cheat because there was no rule. Now there is a rule, so countries are coming and stating their commitments.
The post OPEC+ agreement on oil production cuts may restore oil prices appeared first on LeapRate.