Saudi Aramco: Oil Demand Too Weak To Ease OPEC+ Output Cuts

Global demand currently is not supportive for OPEC+ easing the oil production cuts on January 2021, Ibrahim Al-Buainain, president and chief executive of Aramco Trading, told Gulf Intelligence on Wednesday. OPEC and its Russia-led partners will likely consider “a lot of demand issues” before tapering their cuts, he said in an interview with Gulf Intelligence. OPEC+’s decision will depend on how economies recover, including the U.S. economy from a potential stimulus, Al-Buainain added. The OPEC+ group is set to relax the current…