Global oil markets in healthier place, says Adnoc Group CEO

The global oil markets are in a “healthier place” compared to two months ago as renewed industrial and commercial activity fuels demand for crude and other products, according to the group chief executive of Abu Dhabi National Oil Company.

“Some [purchasing managers indexes] actually are inching above the crucial 50 mark for the first time since Covid-19 started, and they are pointing towards economic expansion, once again, and that is also being reflected in the oil markets, which have clearly tightened in the very recent weeks,” Dr Sultan Al Jaber, who is also a UAE Minister of State, told a web panel discussion organised by the World Government Summit.

“If you look back, where we were just two or two and a half months ago, oil markets are in a much healthier place today,” he added.

 

Last updated on Sat., June 27, 2020.

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