New Wave Of COVID Is Nightmare For Gulf Oil Producers ...Middle East

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New Wave Of COVID Is Nightmare For Gulf Oil Producers
source : OILPRICE ( Middle East ) () 17
The resurgence of COVID in China could not have happened at a worse time for Middle Eastern producers. Saudi Arabia brought back all its 1 mbpd voluntary production cut and already started ramping up production along the lines of the latest OPEC+ deal that would largely see it adding 100kbpd every forthcoming month in 2021. In a similar fashion, the Emirati ADNOC has started to roll back its self-imposed supply cuts from 15% to an eventual zero. Thus, sizeable volumes of incremental supply will be coming back next month, just as peak summer demand…

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