On Monday, Petroleum Association of Japan President Tsutomu Sugimori estimated that oil prices would likely trade beyond USD40/barrel if the restarted economic activities all over the world support demand.
He said that the OPEC+ output cut pact that was extended until the end of July added to the positivity in the market.
“The future of the COVID-19 pandemic is still highly unpredictable, but we anticipate oil prices will be traded at $40s per barrel if demand picks up with a resumption of global economic activities while demand and supply are headed toward an equilibrium,” Sugimori opined.
