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Brent oil surpasses $ 70 as OPEC + flags tighten ahead of meeting

(Bloomberg) – Brent oil rose above $ 70 a barrel after the OPEC + alliance predicts a tightening of the global market ahead of a production policy meeting; the future in London rose 1.5 % after registering a second consecutive monthly gain. The glut of oil accumulated during the pandemic has all but disappeared and stocks will decline rapidly in the second half of the year, according to a market assessment by an OPEC + committee. The coalition is expected to ratify a production increase slated for July at its meeting later on Tuesday.A robust recovery in the US and Europe has given OPEC + confidence that markets can absorb more barrels, despite the prospect a larger offer from Iran in the event of an agreement on nuclear power. be relaunched, and a return of Covid-19 in Asia, especially in India. OPEC’s Joint Technical Committee predicts that stocks will drop by at least 2 million barrels per day from September to December. “Said Howie Lee, Economist at Oversea-Chinese Banking Corp.” Demand from the United States has been the driving force behind the recovery in global consumption. Market fundamentals are strong and oil prices could climb to $ 80 a barrel by the middle of the third quarter. The lack of Iranian supplies, Fereidun Fesharaki, chairman of industry consultant FGE, told Bloomberg Television. -General Mohammad Barkindo said during Monday’s meeting. However, Iranian Petroleum Minister Bijan Namdar Zanganeh told reporters in Tehran that the nation could quickly bring back crude production. Wealth Management said in an interview with Bloomberg Television. “We expect crude oil prices to be at least as high as $ 75 early next year.” Asian refiners, meanwhile, are grappling with what is expected to be a brief period of low profits amid falling demand. resurgence of the virus. Complex refining margins in Singapore, an indicator for the region, have fallen since late April, but accelerating vaccination rates are expected to help demand. source. © 2021 Bloomberg LP


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