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Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman said users switching from gas to oil could account for demand of 500,000-600,000 barrels per day (bpd), adding that the world was now waking up to shortages in the energy sector.
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OPEC+ compliance with oil cuts fell slightly to 115% in September, sources said, indicating that as the alliance raises production targets, some members are still falling short as they face challenges in pumping more oil.
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Algeria on Monday lifted an overnight curfew that was imposed in parts of the country last month to help contain the spread of COVID-19 contagion, the prime minister's office said in a statement.
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Algeria sees $70 to $80 as a fair price for oil, the chief executive of state-owned energy company Sonatrach said on Monday.
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Algerian President Abdelmadjid Tebboune on Wednesday named a new government, with the energy and finance ministers from the previous administration both keeping their jobs, the presidency said.