Saudi Aramco has fully restored the damaged production from the Abqaiq and Khurais facilities from just a few weeks ago, an impressive turnaround in such a short period of time. But now, Riyadh faces another challenge that could prove more daunting. The oil market has demonstrated its inability to sustain a price rally as market traders are giving no premium to geopolitical risk. Instead, weak demand dominates, and oversupply looms. Brent fell below $60 per barrel this week as a wave of dismal economic news deepened fears of a global economic slowdown. Oil demand forecasts have already been slashed several times this year, and the IEA’s executive director said this week that another downward revision was likely. “Looking at the global economy weakening…China, the driver of global oil demand, experiencing the lowest economic growth since 30 years. The advanced economies are slowing down. We may well revise down our […]