The UAE minister of state and group CEO of the Abu Dhabi National Oil Company (ADNOC), Dr Sultan Ahmed Al Jaber, has said that the company’s shrinking of production and voluntary cuts, made in the company in a response to the Covid-19 crisis, have started to show a positive impact, as oil markets are expected to rebalance over time.
Dr. Al Jaber said: “When it comes to oil, there are signs that the market has tightened in recent weeks. The OPEC-plus agreement, voluntary cuts outside OPEC-plus plus, 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.”