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
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
Non-oil growth is projected to contract by 4.1 per cent in 2020 due to the adverse implications of Covid-19
Futures dropped 1.9 per cent in New York, erasing almost all of the gains from the previous session
Murban for March sold at a $1.88 premium over the regional benchmark before plunging to discounts. For July, it will sell at a $1 premium
Brent crude, the international benchmark, fell 2.5 per cent to $41.23 a barrel at 4.29pm in London, erasing earlier gains
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
All the member nations signed off on a new deal for a production cut of 9.6 million barrels a day next month
While crude has now doubled from its low in mid-April, the path back to pre-virus levels of oil demand still looks uncertain
In the wake of the pandemic, public and private power companies in the MENA region need to adjust their strategies
Production cuts are meant to be eased to about 7.7 million barrels a day in July
Producers have lowered global oil supply by around 14-15 million barrels a day
Oil has surged about 75 per cent this month as pockets of demand return
OPEC+ will look at all options when it meets again in June, Mohammad Barkindo said
Crude demand of about 100 million barrels a day prior to the pandemic plummeted by about 30 per cent last month
The government is looking at additional spending cuts and may issue as much as an additional SAR100bn of debt on top of SAR120bn riyals already announced
The accord caps a tumultuous month when Brent crude plunged to its lowest in nearly two decades, falling toward $20 a barrel