Asia driving force of oil demand growth

Singapore

OIL majors and global oil traders struck a bullish tone on Monday amid a rangebound oil price market, with many noting that oil demand has grown significantly this year in line with stronger global economic growth, and that the market is well on its way to rebalancing.

A top industry executive also expects the Organization of the Petroleum Exporting Countries (Opec) to continue its crude oil production cuts beyond March next year, in order to boost the expected initial public offering (IPO) of Saudi Arabia's national oil and gas company Saudi Aramco.