Oil Recovery Seen by Gulf Producers as Slump Spurs Demand
This article is for subscribers only.
Oil oversupply that sent prices to a five-year low will probably persist until at least the second half when demand is set to recover, according to Kuwait’s oil minister and the OPEC governor of the United Arab Emirates.
Faster global economic growth will be needed to help absorb the oil surplus estimated at 1.8 million barrels a day, Kuwait Oil Minister Ali Al-Omair told reporters in parliament yesterday. A demand-led recovery is seen in the second half, the U.A.E.’s Governor to OPEC Ali Al Yabhouni told reporters in Abu Dhabi.