Will Oil Hit $80 This Summer?
The outlook may be uncertain, but the current trend is definitely one of drawing down oil stocks—a sign of increased oil demand while OPEC+ continues to restrict output
By Oilprice.com Julianne Geiger—— Bio and Archives--May 12, 2021
Global Warming-Energy-Environment | Comments | Back To Full Article
India, the world's third-largest oil importer, is the latest coronavirus hotspot. It has recently hit a record-breaking number of new daily coronavirus cases—a statistic that dented oil demand and pressured oil prices.
OPEC+, out of its own necessity, has intervened in the oil market on the supply side of the equation to offset the pandemic-depressed oil demand. And despite the group's relative success at curbing oil production to prevent excess oil inventories from ballooning before the market fully recovers, India's booming case counts have prevented oil prices from a quicker recovery.
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