US energy firms have added oil and gas rigs for a third week in a row following oil price increases, something that has not been seen since October 2018.

The major Saudi oil company, Aramco reported that its profit declined by 73% to 24.6 billion riyals in the second quarter of 2020 compared to 92.6 billion during the same period of the previous year  , because of the drop of energy demand and prices given from coronavirus outbreak.

The Kingdom's crude exports to China is expected to increase, reaching 1.5 million b/d during Q1 2019, up from one million b/d at the same period a year before.

Oil demand will remain strong without being affected by US-China trade tensions, said Khalid Al-Falih, Saudi Arabia’s Oil Minister.

The International Energy Agency (IEA) increased its growth estimate for global oil demand in 2017 to 1.6 million barrels per day (b/d) from 1.5 million b/d.

OPEC is predicting record oil demand in 2018.

China's oil demand growth is expected to drop to 3% in 2016 reflecting on the country's economic slowdown, despite lowering oil prices. Oil demand rise is estimated at merely 300,000b/d this year, compared to 510,000b/d in 2015.

East Africa's demand for oil, gas, and petrol is expected to increase by 8%, while liquefied petroleum gas (LPG) reaches double digits growth, amid regional attempts to expand home-based energy production.

South Korea foresees an increase in oil products demand by 2 % in 2016, after a rise by 2.5 % on year in 2015, the country's state-run think tank, the Korea Energy Economics Institute (KEEI) announced this week.

The oil market is expected to become more balanced in 2016 as demand continues to grow, OPEC Secretary-General Abdullah al-Badri announced on Monday.