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Industry News » The Worst Is Over for Covid-Hit Oil Demand, UAE Energy Minister Says

The worst of the coronavirus pandemic is over for the oil market, says Suhail Al Mazrouei, energy minister for the United Arab Emirates, at the Energy Intelligence Forum. "We have passed the eye of the storm," says Mr. Mazrouei, whose country is a top producer in the Organization of the Petroleum Exporting Countries. "We are moving to... recovery," he says. The top Emirati official points to rising electricity consumption over the summer in his own country and the rising substitution of cars to replace public transport. He adds that OPEC and allies are "more optimistic" on the pace of demand recovery than the International Energy Agency, which foresees a full recovery in 2025.

    

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