Mr Lee projects demand of 97.3 million barrels a day in 2017, a record high, up from 96 million in 2016, driven largely by emerging market countries such as China and India. Simultaneously, reduction in supply from Opec of about 0.7 million barrels a day versus the 2016 average should drive the price up before the end of the fourth quarter.

To continue reading,
Sign in to access this Premium article.
Subscription entitlements:

Less than $9 per month

3 Simultaneous logins across all devices

Unlimited access to latest and premium articles

Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
Related Stories
- Petrobras CEO says Yemen crisis could send oil above US$90
- CNMC projects 'significant overall improvement' for its FY2023 earnings
- RH Petrogas commences drilling of new exploration well