OPEC president Mohammed bin Saleh al-Sada said on Tuesday that the current oil market recovery would continue into the second quarter of the year as global demand increases.
“As we proceed to the second quarter of the year, we see an increase in global demand for oil due to demand for oil products, particularly gasoline,” said Sada, who is also the Qatari energy minister, in a statement.
“This trend is likely to increase further from next month due to the onset of the summer driving season.”
He added that the market was on “on the right track towards rebalancing in the second half of this year”.
Sada also said that global oil production levels were down because of the declining number of drilling rigs and the closure of high-cost facilities.
Last month, Qatar hosted high-level talks among the world’s top oil producers — OPEC and non-OPEC — which failed to reach a deal on capping output.
However, oil prices have rebounded somewhat since that meeting and climbed further on Tuesday with Brent North Sea crude for July adding 50 cents to $44.13 a barrel compared with Monday’s close.
Wall Street stocks also rallied because of a gain in oil prices.
OPEC ministers are set to meet again in Vienna on June 2.
