UAE optimistic about oil demand recovery in 2021 | ZAWYA MENA Edition
The UAE is optimistic about a recovery in oil demand in 2021.
Rollout of coronavirus vaccines and improvement in relations between the US and China are likely to increase the demand for oil, Energy minister Suhail Al-Mazrouei told Sky News Arabia. “Recovery will be gradual, and won’t happen in a quarter or two,” he said.
The OPEC+ alliance of oil producers has successfully mitigated the impact of reduced demand, said Al-Mazrouei, and the UAE hopes more producers would join in the future.
The OPEC+ agreement earlier this month to increase oil supply will mean that downturns in hydrocarbon sectors across the GCC states will start to ease.
London-based economic research and consultancy firm, Capital Economics, expects that brent crude will reach $60per barrel by the end of next year and the Gulf economies will start to benefit from higher prices.
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