Saudi Arabia, Russia See Oil Recovery While Cuts Take Effect
- OPEC+ leaders say there are signs demand is rebounding
- Both producers ‘firmly committed’ to balancing crude market
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Saudi Arabia and Russia see signs that oil demand is recovering as countries around the world start to relax lockdowns imposed to fight the spread of the coronavirus outbreak.
The Saudi-Russia statement comes as oil traders and consultants notice an increase in oil demand, particularly in Asia, driven primarily by rising gasoline consumption as citizens emerging from lockdowns opt to drive rather than use public transport.