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The Saudi Prince of oil vows to drill every last molecule
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Saudi Prince Wants to Be Known As Oil Price Volatility Buster
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22Jul2021 Midday Update: Wall Street Mixed, Small Caps Positive, Nasdaq Up 0 2%, DOW Down 50 Points, WTI Crude Gains 71 09, Bitcoin Rising 32500
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Will Petrol, Diesel Prices Finally Come Down? OPEC+ Agrees to Iron Out Supply Constraints News18 9 hours ago News Desk © Provided by News18 Will Petrol, Diesel Prices Finally Come Down? OPEC+ Agrees to Iron Out Supply Constraints
Fuel prices are expected to come down shortly as the OPEC+ grouping on Sunday agreed to add more barrels to the market.
According to a report by Times of India, the grouping, which includes Russia, decided to raise production by 400,000 barrels per day (bpd) from August till December to restore 2 million bpd of production, or about 44% of India’s daily requirement. It also agreed on a higher production quota for United Arab Emirates, Iraq and Kuwait – all India’s major suppliers.
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Goldman Sachs Group Inc. said that the deal would support its constructive view on oil, while cautioning that near-term prices may “gyrate” amid concern about the delta variant. The group’s planned increase in supply was “moderate” and would keep the market in deficit, the bank said in a report.
Brent’s prompt time spread was little changed at 63 cents a barrel in backwardation, a bullish pattern with near-dated prices trading above those further out. That’s down from 74 cents a week ago.
The delta variant is still on the ascendant, especially among the unvaccinated, with some countries reimposing curbs. In Asia, Indonesia, Thailand, South Korea, Vietnam and Singapore are all dealing with outbreaks. Elsewhere, the U.K. on Saturday reported the most cases since January.