ADNOC CEO reveals 'cautious optimism' in oil markets - Arabianbusiness:
Dr. Sultan Ahmed Al Jaber, UAE Minister of State and group CEO of the Abu Dhabi National Oil Company (ADNOC) believes there are signs that oil markets have tightened in recent weeks and will rebalance over time.
Speaking on ADNOC’s "Virtual Majlis" with Helima Croft, managing director and global head of commodity strategy at RBC Capital Markets, Dr. Al Jaber said that while the outlook remains unpredictable, there are reasons for cautious optimism in oil markets.
"When it comes to oil, there are signs that the market has tightened in recent weeks. The OPEC+ agreement, voluntary cuts outside OPEC-++, and production shut-ins are working together to start to rebalance the market. This will take time. As economies begin to open up, demand will follow, but the path to the next normal is not a straight line," he said.
Dr. Al Jaber continued by highlighting how ADNOC is reaping the benefits of its transformation over the past four years as it navigates this period of uncertainty.
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