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

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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.

Click on the attachment to read the full report:

ICICI Securities Oil price view July21.pdf

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