The global oil market recovery is being driven by China and the US, with positive signs emerging from parts of Europe
Saudi Arabia was hit hard last year as a drop in crude prices decimated government revenue while measures to stop the spread of the coronavirus limited economic activity
Aramco also increased pricing for light crude grades to the Mediterranean region
While oil prices have more than doubled since OPEC+ began curbing supplies, Brent crude is still down 36 per cent this year
Saudi Arabia’s economy is expected to contract 4.8 per cent in 2020 before growing by 3.2 per cent next year
Prices jumped 10 per cent last week after Saudi Arabia indicated it would defend the market
Froehlich spent 16 years working at Morgan Stanley in Europe and the Middle East
The Organization of Petroleum Exporting Countries cut production by 1.93 million barrels a day to 22.69 million a day last month
Taqa has 23 gigawatts of power-generation capacity globally, with assets in Canada, Ghana, India, Iraq, the US and several other countries
A surge in cases across the southern and western US is causing states to reinstate measures, threatening the outlook for oil demand
US gasoline futures tumbled the most in two months amid fears that lockdowns may need to be re-imposed
This year, Oman trimmed its budget expenditure and announced liquidity support in an effort to provide some relief from the Covid-19 shock
Brent futures for August settlement gained 3 cents to $42.22 a barrel on the ICE Futures Europe exchange as of 12.03pm in Singapore
While oil has rebounded rapidly since April as OPEC+ production cuts kicked in and US output fell, the rally fizzled last week
The cuts were widespread across the region from South Asia and Southeast Asia to some parts of North Asia
Futures in New York fell below $35 a barrel after losing 8.3 per cent last week
The market is grappling with record high US oil inventories and an uneven demand rebound
Brent crude, down 36 per cent this year, has clawed back some of its losses and ended trading on Friday at more than $40 a barrel