Demand recovery: An oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province. Data suggests that Asian crude demand is starting to recover from the economic hit caused by countries locking down in efforts to contain the spread of Covid-19. — Reuters
AS members of the Opec+ group struggle to come up with a united view on whether to boost crude oil output or extend production cuts, they should perhaps turn their eyes to Asia, the major consuming and fastest-growing region.
The leaders of Opec+, a grouping comprising members of the of Organisation of the Petroleum Exporting Countries (Opec), plus Russia and others, are scheduled to meet yesterday and today to hammer out whether to roll over existing production cuts of 7.7 million barrels per day (bpd), or allow output to increase from January as previously agreed.
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