The oil market is tightening and will continue to draw down inventories for the rest of the year. This drawdown is largely due to OPEC+ offering less supply than the expected demand growth in the coming months, analysts and industry professionals say. The OPEC+ group is expected to add 2 million barrels per day (bpd) between August and December.
That is if the UAE-vs-all-others standoff on baseline production levels is resolved and a deal is sealed this week. Such a deal now looks unlikely as OPEC+ called off the meeting on Monday morning.…Oil Markets Will Tighten Regardless Of OPEC's Decision
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