Too early to say whether Covid-19 will permanently affect oil demand

Too early to say whether Covid-19 will permanently affect oil demand

Abu Dhabi / WAMSuhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, stated that changes to oil prices are caused by supply and demand, and it is too early to say whether the coronavirus pandemic will permanently affect demand, which is the main factor for determining oil prices. The trust in oil markets is gradually returning, due to the reassurances given by the global efforts aimed at containing the virus and producing an efficient vaccine, he added. During his participation in a ministerial discussion organised on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (Adipec) Al Mazrouei said, “The oil industry, from a supply perspective, is a regular process, and we, in the UAE, are capable of effectively overcoming the coronavirus pandemic.” “We will face the