Oil fell after OPEC+ agreed to boost production into 2022, resolving an internal dispute that had shaken the alliance. The deal also gives Saudi Arabia, the 3, Iraq, Kuwait and Russia higher baselines against which their cuts are measured from May 2022. While the OPEC+ agreement spans more than a year and covers millions of barrels of production, it remains a flexible arrangement. Goldman Sachs Group Inc. said that the deal would support its constructive view on oil, while cautioning that near-term prices may “gyrate" amid concern about the delta variant. The delta variant is still on the ascendant, especially among the unvaccinated, with some countries reimposing curbs.

Source: Mint July 19, 2021 01:07 UTC