FILE - In this Wednesday, April 8, 2020, file photo, the sun sets behind an idle pump jack near ... [+] Karnes City, Texas. It’s pretty amazing how single digit - and even momentary negative - crude prices will change an oil minister’s perspective on what constitutes an appropriate level of output. That is due to the oil stocks decrease that we will see as a result of the production deficit. All of these factors are now setting up a favorable scenario for continuing increases in crude prices during the second half of the year. Few people - least of all the oil ministers of Russia and Saudi Arabia - would have seen that coming three months ago.

Source: Forbes June 07, 2020 12:11 UTC