Oil & Gas - Oil Rises As Output Hike On Hold On OPEC Stalemate; Situation Fluid: ICICI Securities

Oil pumping jacks, also known as "nodding donkeys", operate in an oilfield. ( Photographer: Andrey Rudakov/Bloomberg)

Oil & Gas - Oil Rises As Output Hike On Hold On OPEC Stalemate; Situation Fluid: ICICI Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

Brent had surged to $78/barrel of oil as Organization of the Petroleum Exporting Countries plus proposal for a monthly output hike of 400,000 barrel per day from August 2021 has been put on hold and lifting of U.S. sanctions on Iran’s exports no longer appears imminent.

OPEC+ led by Saudi Arabia linking output hike to extending OPEC+ deal up to December 2022 without any revision in production baselines demanded by UAE has led to a stalemate.

U.S. (bothered by gasoline price rise), Russia (worried about U.S. output rise) and Iraq (worried of a price war) may help break the deadlock to ensure output hike from August 2021.

Click on the attachment to read the full report:

ICICI Securities Oil price view July21.pdf


This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.