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Will $60 oil be the new normal?
Muzaffar Rizvi/Dubai Filed on April 18, 2021
Energy experts and analysts see a $60-per-barrel price as the new normal and said crude prices may shoot as high as $80 during the third quarter of 2021 on a near-term demand recovery, supply discipline and higher GDP growth for the global economy. File photo
Supply discipline, demand recovery may lift crude prices in second half
The upward trend in oil prices are expected to strengthen in coming weeks as stronger demand outlook and signs of economic recovery in China and the United States offset rising Covid-19 infections in some other major economies, according to latest reports.
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Saudi Arabia’s voluntary output cut lends support to Brent, may breach $70 in 2021
09/02/2021 Argaam Special Share
by Parag Deulgaonkar
Saudi Arabia’s voluntary decision to cut crude production supported prices with Brent likely breaching the $70 mark during the year, Emma Richards, senior industry analyst at Fitch Solutions, told
Argaam.
“The surprise cut from Saudi has undoubtedly given a lift to Brent. Perhaps more importantly, it reaffirms the Kingdom’s strong commitment to the OPEC+ deal and continued close management of the oil market,” she said.
In January, Saudi Arabia’s Minister of Energy Prince Abdulaziz Bin Salman announced voluntary cuts to its oil production by additional 1 million bpd in February and March, affirming the move to support oil market and industry.