Global oil demand will recover significantly next month, climbing to be within 10% of the level that the world saw prior to the coronavirus pandemic, Russia Energy Minister Alexander Novak said on Thursday, according to Reuters. That demand, according to Novak, was off by 25% in April, compared to demand levels before the virus hit, causing major lockdowns the world over—including the world’s top two oil consumers, China and the United States. OPEC seems to agree. Yesterday, OPEC agreed to relax on August 1 its production cuts that it had set for the last couple of months, with the anticipation that demand would improve accordingly. OPEC will reinstate 2 million barrels per day of oil production from its 9.7 million bpd that it had cut in May, June, and July. OPEC cautioned, however, that another possible wave of the coronavirus—particularly in the United States—would continue to sap demand. Russia, […]