(Bloomberg) -- The United Arab Emirates’ main energy company said demand in China has rebounded quickly this year with the economy’s reopening, particularly when it comes to jet fuel.

The market in China and Asia more broadly is at “an acceptable level of recovery,” Musabbeh al Kaabi, an executive director at Abu Dhabi National Oil Co., said to Bloomberg Television on Wednesday. In China, “there are mixed signals but, in particular, with domestic aviation we’ve seen a strong pick up in activity. For energy demand in that part of the world, I think the recovery is in the right place.”

Brent crude has slumped almost 9% in the past month to around $77 a barrel. That’s in large part because of traders’ concerns about high interest rates weighing on fuel demand and the US potentially going into recession this year. There are also signs of weakening in Asia, with refining margins having slumped.

The UAE’s energy minister, Suhail al Mazrouei, on Tuesday downplayed the need for the OPEC+ group of oil producers to cut production further.

Adnoc’s regional rival Saudi Aramco announced a $32 billion profit for the first quarter this week and also said it was optimistic about Asian oil demand over the rest of 2023, especially in China and India.

Al Kaabi, who heads Adnoc’s low-carbon business and is in charge of international growth, said he was confident that a plan to buy 50% of Israel’s NewMed Energy with BP Plc would go ahead. BP and Adnoc announced their intentions to take the gas producer private in March. If a deal happens, it could be worth around $2 billion.

--With assistance from Sarah Halls.

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