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