ADNOC notes ‘rebalancing signs’ as it points to ‘tightening markets’

ADNOC notes ‘rebalancing signs’ as it points to ‘tightening markets’

Sultan Ahmed al-Jaber, the Emirati Minister of State and the CEO of Abu Dhabi’s state-run Abu Dhabi National Oil Co., ADNOC, spoke at the opening ceremony of the Abu Dhabi International Petroleum Exhibition & Conference, ADIPEC, in Abu Dhabi, United Arab Emirates.

There, he said there are “signs that the market has tightened in recent weeks and the OPEC++ agreement … is working to start to rebalance the market.”

In conversation with RBC Capital Markets’ Helima Croft, the ADNOC chief said the world was in “uncharted territory. We have never before experienced a time where economic activity has dropped of this far and this fast.”

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18th May 2020