After suffering historic price drops in the first half of 2020, oil markets are now well onto the path of recovery for the second half of the year according to Opec secretary general Mohammad Barkindo, crediting the group for its actions in helping rescue crashing oil prices.
“As we see countries begin to open up, we will see demand start to come back,” Barkindo said during a virtual ADIPEC energy dialogue. “I remain optimistic but cautious the worst is over and a recovery will be in full swing in the second half of this year, with stocks beginning to be withdrawn,” he added.
“What shape the recovery will take, whether a V shape, W or inverted hockey stick, is still uncertain,” he said.
Oil prices on Wednesday saw global benchmark Brent crude trading at $41.84 with West Texas Intermediate (WTI) on $39.51 at 4PM UAE time.