There are a number of interrelated drivers behind the worldwide demand for crude.
What effect will Trump’s tariffs have on US LNG exporters in particular and LNG trade?
This trade war has slowed demand for oil in China, but also in Europe and America itself.
Saudi Arabia’s Abqaiq plant has restarted and is now processing about 2 million barrels a day, restoring just under half the output lost after the facility was damaged in an attack.
It is likely that any further production cuts by OPEC and Russia to maintain prices will be harder to implement if all it does is boost American oil producer’s profit margins and encourage greater investment in well drilling and completions.