By Anthony Di Paola
“When I look at the numbers, they are still very worrying,” the agency’s Executive Director Fatih Birol said in an interview with Dubai consulting firm Gulf Intelligence. Any gains in demand will come in the second half as some countries start to lift lockdowns and resume economic activity, Birol said.
Oil prices, which have plunged by more than half this year to around $30 a barrel, have recovered somewhat over the past two weeks as OPEC+ countries began cutting output to drain a supply glut. If prices recover to more than $40 a barrel, production from shale oil fields may increase, Birol said. That would show “that it was too early to write the obituary of shale oil,” he said.