Even after the troublesome covid rates, the demand for oil is climbing rapidly globally, says an article published in ShipAndBunker.
CEO of BP on China’s oil demand
Bernard Looney, Chief Executive Officer at BP said, “China’s oil demand is above pre-pandemic levels.Organisation of Petroleum Exporting Countries this week decided to move forward with a gradual crude protection increase, anticipating a strong demand.”
He added, “America is almost back to where it was, the vaccines are going to kick in now in Europe, then of course the question is what happens in the rest of the world.”
BP reports profit
BP reported a profit of $2.6 billion compared to analytic expectations of a $1.4 billion profit the oil grant says it intends to resume share buybacks at a cost of around $500 million in the second quarters.
Edward Moya, senior market analyst at Oanda Corp. said, “OPEC’s decision shows that the energy market is in good shape now, but if new risk emerge, we’ll see how sensitive the market is.”
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Source: Ship & Bunker
