The global oil market recovery is being driven by China and the US, with positive signs emerging from parts of Europe
Futures in New York traded near $59 a barrel after dropping 3.5 per cent last week
Data from the US and Asia do bolster the case for OPEC+ to loosen the taps
A US inventory report showed domestic fuel consumption is at the highest in four months
Crude has rallied strongly in the opening months of 2021
The attack on the kingdom’s Ras Tanura port on Sunday caused a brief spike in oil prices
Petrol prices have witnessed an increase after 11 months
Yamani represented four Saudi kings at the Organization of Petroleum Exporting Countries
Futures in New York traded near $55 a barrel after jumping almost 5 per cent over the previous two sessions
Rollout of coronavirus vaccines and improvement in ties between the US and China are likely to improve demand for oil
Saudi Energy Minister met in Riyadh on Saturday with Russian Deputy Prime Minister
The Supreme Petroleum Council last month approved a $122bn budget to help ADNOC boost production capacity by a fourth to 5 million barrels a day by 2030
Aramco also increased pricing for light crude grades to the Mediterranean region
Members have decided to add 500,000bpd of production to the market next month, then hold monthly meetings to decide on subsequent moves
Oil has just capped its biggest monthly increase since May on optimism energy demand will rebound as Covid-19 vaccines are rolled out in the coming weeks
Prices have remain unaltered for the ninth straight month
The producer group is considering keeping additional supply off the market for three to six months
While oil prices have more than doubled since OPEC+ began curbing supplies, Brent crude is still down 36 per cent this year
OPEC+ also warned at a meeting on Wednesday that the pace of the demand rebound was slower than expected
OPEC and allied producers have started to ease output curbs amid weakening demand
Producers as well as their allies have slashed exports as OPEC+ embarked on its biggest-ever joint oil production cuts amid reduced demand
While oil prices have recovered to $43 a barrel in London, from a two-decade low of $15.98 in late April, sentiment in the market remains fragile
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
US gasoline futures tumbled the most in two months amid fears that lockdowns may need to be re-imposed
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
Prince Abdulaziz said the next two weeks will be “critical” for OPEC+ to demonstrate all countries are adhering to agreed production cuts
The slow resumption of flights will constrain jet-fuel consumption, and high unemployment will restrict gasoline use
In light of historic oil price routs and oversupply triggered by the novel coronavirus, how imminent and optimal is recovery for regional energy markets? Gulf Business speaks to Rita Allan, senior Construction and Projects associate at Pinsent Masons Middle East, to find out more
The kingdom has exported just one cargo to the US so far in June, equivalent to about 133,000 barrels a day