Infographic: Oil market recovery hangs in the balance

The global oil market is struggling to rebound from its biggest shock in history after the COVID-19 pandemic decimated demand and forced billions of barrels of production to be shut in.The global oil market is struggling to rebound from its biggest shock in history after the COVID-19 pandemic decimated demand and forced billions of barrels of production to be shut in.

Several factors are hanging over the market's near-term recovery, not least the resurgence of COVID-19 infections globally which has extended the shadow over demand for road fuels and jet.

On the supply side, the pace of OPEC+ cuts, a plunge US shale oil output, and uncertainty over exports from some key OPEC producers could all push prices out of their current $45/b comfort zone.

Related analysis: Oil market treads rebalancing tightrope as recovery falters

Several factors are hanging over the market's near-term recovery, not least the resurgence of COVID-19 infections globally which has extended the shadow over demand for road fuels and jet.

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On the supply side, the pace of OPEC+ cuts, a plunge US shale oil output, and uncertainty over exports from some key OPEC producers could all push prices out of their current $45/b comfort zone.