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The Commodity Markets Outlook in eight charts

The Commodity Markets Outlook in eight charts 1. Almost all commodity prices are higher than before the pandemic  2. Crude oil prices recovered in record time  Oil price collapses and recoveries 3. Spare oil production capacity is vast  While production cuts by OPEC and its partners (OPEC+) have been critical in supporting oil prices, the resulting large quantity of spare production capacity will limit price increases over the forecast horizon. In addition, if pandemic containment falters, a further weakening in demand could put pressure on the production cut agreement. A breakup of the agreement could result in markedly lower oil prices.   4. Natural gas and coal prices also rallied 

Bill to pressure OPEC oil producer group passes U S House panel, future uncertain

Bill to pressure OPEC oil producer group passes U.S. House panel, future uncertain WASHINGTON – A U.S. House panel on Wednesday passed a bill to open the OPEC oil production group and countries that work with it to lawsuits for collusion in boosting petroleum prices, but it was uncertain whether the legislation would be considered by the full chamber. Source: Reuters The so-called NOPEC bill, introduced by Representative Steve Chabot, a Republican, passed on a voice vote in the House Judiciary Committee. Similar bills to crack down on the Organization of the Petroleum Exporting Countries when oil prices are on the rise have appeared in Congress without success for more than 20 years.

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