Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman says that a 500,000 b/d production increase from August will be absorbed by domestic demand growth due to seasonal trends and the easing of lockdown measures (MEES, 17 July).
The latest figures from Jodi show that, having dropped to its lowest level since February 2012 in April, domestic oil demand edged up in May. Consumption of 1.83mn b/d was still down 264,000 b/d year-on-year, but it was markedly higher than April’s 1.71mn b/d (MEES, 17 July for full data). (CONTINUED - 364 WORDS)
