LONDON: Some banks and analysts says that
with production cuts of crude oil by top producing areas combined with recovering demand in the form of a coronovirus lockdown, could balance global oil markets before June.
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| Image source: Reuters |
As we get closer to June, the bullish sentiment continues to pick up, when ... global crude oil is set to reach a net net area of a non-negligible 1.5 million barrels per day (bpd) Takes place to the tune of, its strongest since August. 2019, ”said JBC Energy.
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Russia's Energy Minister Alexander Novak was quoted as saying that increasing demand would help cut about 7 million bpd to 12 million bp by June or July.
Russia said its production had fallen to almost its quota for May and June under a deal agreed by major producers known as OPEC +.
Traffic congestion figures for some of the world's capitals suggest a return to gasoline demand levels a year earlier.
Neil Atkinson, head of the IEA's Department of Oil Industry and Markets, told reporters, "The stock-filling trend will run into losses in the second phase of the year."
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"Due to biggest demand in gasoline road transportation in China, US and Germany, global Oil market will led to down by June 2020" said Goldman Sachs this month.
But Austria's Raiffeisen Bank International told Reuters it was expected to reach equilibrium by the end of August or mid-September, adding that the increase in mobility "has not yet been able to combat the drop in demand".
Noting any speculation, BofA Global Research said: "We cannot rule out a second virus outbreak and further lockdown ... Any small oil market surplus can tilt the balance quickly."
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