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Crude oil glut likely to overshadow any OPEC+, US policy shifts

S&P Global Platts Analytics slashed its 2021 oil consumption outlook by 700,000 barrels per day (b/d) recently and now predicts oil demand growth of 5.8 million b/d in 2021

Crude Oil | Oil Prices | Oil policy

Paul Hickin  |  London 

OPEC and its non-OPEC allies led by Russia are having to rethink their plans, says Paul Hickin, Platts
OPEC and its non-OPEC allies led by Russia are having to rethink their plans, says Paul Hickin, Platts

The oil market remains awash with crude. Potential changes in OPEC+ and US policy won't solve the industry's demand problem, while the world's key oil producers will be hard pushed to cut supply further. Only a vaccine can cure Covid-19-induced consumption ills.



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First Published: Wed, November 11 2020. 07:38 IST