Global oil demand is set to recover to near pre-covid-19 levels by the end of this year, Saudi Arabia’s energy minister Prince Abdulaziz said today prior to the OPEC+ Joint Ministerial Monitoring Committee meeting today, according to The National.

Specifically, Prince Abdulaziz expects that oil demand will recover to 97% of the levels pre-Covid.

That 97% is also the compliance rate that OPEC+ achieved in July, after promising to cut 9.7 million barrels per day off the group’s oil production levels.

Saudi Arabia has leaned hard on the members of the group that have not complied with the cuts to the same dutiful—and painful—level that Saudi Arabia has. The laggards of the group include Iraq and Nigeria, who have missed their quotas by large margins.

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Source: Oil Price