Demand for oil is continuing to rise following a dramatic plunge last year due to COVID-19, but the industry is taking a cautious approach to the recovery, a move which is likely to keep prices high, the chief executive officer of Baker Hughes told Al Arabiya.
The oil market was severely disrupted in 2020 as the coronavirus upended normal supply lines while demand for petroleum products tumbled as governments around the world mandated lockdowns to combat the spreading pandemic. Oil prices fell in line with this change, even turning negative at one point, but have now recovered as the virus-caused economic hit has eased.
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