OPEC Bullish on Oil Industry
04 Jun 2021 Leave a comment
Tyler Durden writes a zerohedge, Russia & OPEC Ministers Blast IEA’s ‘Net Zero By 2050’ Plan As “La-La-Land” Excerpts in italics with my bolds.
After in recent months crude oil prices have clearly recovered from their COVID-19 slump on steadily increasing demand, Russian Deputy Prime Minister Alexander Novak addressed the much anticipated decision-making at the upcoming OPEC+ conference set for August and the expectation that it will decide to raise output significantly beyond the current pandemic-induced strategy of gradually releasing more barrels into a strengthening oil market.
Novak said in his Thursday remarks at the St Petersburg International Economic Forum that while it remains “premature” to talk about output decisions for August, he affirmed “The current oil price is good enough for Russia,” adding: “Oil prices reflect the balance of supply and demand,” and noted it’s expected the seasonal oil demand will increase in the third quarter of the…
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