Share
Crude remains under pressure on fears of new cases COVID-19
Global crude production cut has been tapered to 7.7 million barrel per day this August putting an end to the historic 9.7 million barrels per day supply cut which expired on July 31st. Crude prices have remained under pressure on fears of new COVID-19 cases. Kola Karim, Chairman of Shoreline Group joins CNBC Africa for a focus on the global oil market.
Thu, 06 Aug 2020 15:17:23 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Impact of COVID-19 Resurgence on Global Oil Consumption and Prices
- Significance of OPEC's Production Cuts and Stabilization Efforts
- Need for Collaborative Strategies to Ensure Economic Stability in Oil-Dependent Countries
The global oil market is facing uncertainty as the COVID-19 pandemic continues to create fear and wreak havoc on the world economy. With crude prices under pressure and a new wave of cases emerging, the future of the oil industry remains precarious. As global crude production has been tapered to 7.7 million barrels per day in August, concerns loom over the impact of the historic 9.7 million barrels per day supply cut that expired on July 31st. Kola Karim, Chairman of Shoreline Group, recently shared his insights on the current state of the oil market in an interview on CNBC Africa. The conversation delved into the challenges and potential solutions for the industry in the midst of the global health crisis. Karim highlighted the critical issues facing major oil producers and the need for collaboration and discipline to stabilize the market. The interview shed light on the delicate balancing act OPEC and its allies must navigate to support oil prices while addressing the dynamics of the US oil supply. Karim emphasized the importance of adaptation and adherence to safety measures to mitigate the impact of the pandemic on oil consumption. As countries grapple with the resurgence of COVID-19 cases, the oil sector is bracing for further disruptions and setbacks. The future trajectory of the oil market remains uncertain, but concerted efforts and strategic planning are essential to weather the storm and safeguard the industry against unprecedented challenges.
SIGN UP FOR OUR NEWSLETTER
DAILY UPDATE
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.