The past few days have seen a number of senior oil sector figures voice cautious optimism over the direction of the market, while acknowledging that the recovery remains tenuous.

Opec Secretary General Mohammad Barkindo said on 30 June that “we are moving in the right direction, but we must remain vigilant in order to address a forecasted contraction in global oil demand of around 9mn b/d for 2020. We are not out of the woods yet.” (CONTINUED - 1222 WORDS)