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    Home » How the Prolonged OPEC+ Deadlock Could Be a No-Win Situation
    Indices News

    How the Prolonged OPEC+ Deadlock Could Be a No-Win Situation

    July 13, 20211 Min Read
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    OPEC
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    The stalled talks of the Organization of the Petroleum Exporting Countries and its allies could bring about a supply deficit that would hit both producers and consumers, the International Energy Agency warned.

    • The IEA expects continued volatility in oil markets until the OPEC+ agrees on production policy, noting that the “remote” possibility of having countries produce their own supply could cause a spike in prices.
    • The agency cautioned that prices could accelerate both the electrification of transport and energy transitions, but it could also weigh on the economic recovery of emerging and developing countries.
    • The IEA predicts global oil demand to increase by 5.4 million barrels a day in 2021 and by another 3 million barrels in the following year, mostly the same as the previous month’s forecast.
    • Market sentiment could also be hit by the continued spread of the COVID-19 delta variant, as a resurgence of the pandemic could be detrimental to demand.

    Brent crude futures grew 0.5% to $75.57 a barrel on Tuesday morning, while the West Texas Intermediate futures rose 0.6% to $74.51.

    Source: CNBC

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