OPEC+ Sees Tight Oil Market as Ministers Set for Supply Talks
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Summary:
(Bloomberg) -- A year after cutting unprecedented volumes of crude, the OPEC+ alliance is expecting world oil markets to get acutely tight.
The coalition, led by Saudi Arabia and Russia, believes the glut created when the coronavirus pandemic crushed businesses and fuel demand has nearly gone, and that oil stockpiles will diminish rapidly in the second half of the year as lockdowns ease and travel picks up.
That leaves the Organization of Petroleum Exporting Countries and its partners with a decision to start pondering on Tuesday: whether to pump more oil or hold back while the outlook is still so mired in uncertainty.
Keeping output steady would support the market against the twin risks of renewed virus outbreaks and a potential flood of exports from Iran if it renews a nuclear deal with ...
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