Oil prices have been lifted this week by more signs that oil output is falling among OPEC and other major producers, and a gradual recovery in demand is underway.
"We are seeing massive cuts in output from countries outside the OPEC+ agreement and faster than expected," the International Energy Agency said in a report on Thursday. The report also said "the gradual relaxation of restrictions on movement is helping demand."
"We are in uncharted territory," Al Jaber said, referring to the global economic collapse caused by the coronavirus pandemic. "We have never before experienced a time when the level of economic activity has dropped off this far and this fast." Al Jaber also said ADNOC is in a stronger and better position to manage current market dynamics than before, having undergone significant transformation in recent years to reduce costs.
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