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Subdued Production Should Support Oil, Natural Gas Prices in 2021, Moody s Says

Subdued Production Should Support Oil, Natural Gas Prices in 2021, Moody’s Says Though global oil supply is beginning to climb, it is rising gradually off of depressed levels and is not expected to exceed the anticipated demand recovery this year. The supply/demand balance should support crude prices near their current levels through 2021, though fluctuations are all but certain, Moody’s Investors Service said in a report this week. West Texas Intermediate crude prices have hovered near $60/bbl this week. The Moody’s analysts said average prices this year should be in the middle of their forecast range of $45-65/bbl.

Indian refiners deepen cuts to Saudi oil purchases in May – sources | Hellenic Shipping News Worldwide

Indian refiners deepen cuts to Saudi oil purchases in May – sources Indian state refiners will buy 36% less oil from Saudi Arabia in May than normal, three sources said, in a sign of escalating tensions with Riyadh even after the Kingdom supported the idea of boosting output from OPEC and allied producers last week. Energy relations between India, the world’s third-biggest oil importer and consumer, and Saudi Arabia have soured as global oil prices spiked. New Delhi blames cuts by the Saudis and other oil producers for driving up crude prices as its economy tries to recover from the pandemic.

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