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Published on 14/07/2020 7:42:23 PM | Source: Angel Broking Ltd

Crude Oil markets shift focus on the OPEC Meeting By Mr. Prathamesh Mallya, Angel Broking

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Below is the View On Crude Oil markets shift focus on the OPEC Meeting by Mr. Prathamesh Mallya, AVP - Research Non Agri Commodities and Currencies, Angel Broking Ltd

 

Crude Oil markets shift focus on the OPEC Meeting:

“While the Global GDP seems to be contracting with fall in growth from Europe to Asia to US, the focus of oil investors now turns to the all-important OPEC meeting who might decide or recommend an increase in output. The Organization of the Petroleum Exporting Countries (OPEC) prepares to meet on Tuesday and Wednesday to recommend levels for future supply cuts. With most of the economies opening up from stringent lockdown and measures, crude oil demand has now recovered to 90 million barrels per day as of June 2020, vis-à-vis 70 mbpd in March when the pandemic was at its full force. OPEC and allies including Russia are expected to ease their production cuts to 7.7 million barrels per day (bpd) after a recovery in global oil demand. OPEC+ cut output by a record 9.7 million bpd for May, June and July.If OPEC decided to ease their production cuts, it would still boost oil markets on the basis of optimism over increased oil demand.”