The question for market participants is whether they believe the ongoing recovery in demand is strong enough to offset the likely addition of barrels from OPEC+, as well as from producers outside the group keen to take advantage of the current strength in prices.
LAUNCESTON, Australia: The OPEC+ group of oil exporters is struggling to reach a compromise over just how much more crude to supply to the market, but assuming a deal is eventually cut, it s likely to be bearish for prices.
The group had agreed last week to boost its production by a total of 2 million barrels per day (bpd) from August to December. But that accord wasn t ratified after the United Arab Emirates (UAE) wanted changes that would allow it to increase its output by a larger amount.
Sensex, Nifty advance in early trade; breadth strong
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Iraq backs extending OPEC+ oil output cut deal
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