Despite the OPEC+ decision to ease output cuts, oil prices have rallied over the past couple of weeks, supported by vaccine news and the start of vaccination campaigns across the world. Although the OPEC+ decision is seen as a compromise among the major group producers, the group has clearly realized that their decision is also a warning for the member states that are falling behind on their compliance targets.
Adding 500,000 bpd starting from January will mean that many countries including Russia and Iraq which contributed…The OPEC+ Mission To Balance Oil Markets Is Just Getting Started
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