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COVID-19 - News digest as of 07.10.2021

October 07/2021

1.Oil prices increased as OPEC sticks to gradual output plan

MOSCOW (MRC) -- Oil prices jumped on Tuesday, with U.S. crude hitting its highest since 2014 and Brent futures climbing to a three-year high, after the OPEC+ group of producers stuck to its planned output increase rather than raising it further, said Hydrocarbonprocessing. Oil prices have already surged more than 50% this yr, adding to inflationary pressures that crude-consuming nations such as the United States and India are concerned will derail recovery from the COVID-19 pandemic. Late last month, the OPEC+ Joint Technical Committee (JTC) said it expected a 1.1-MMbpd supply deficit this yr, which could turn into a 1.4-MMbpd surplus next yr. Despite pressure to ramp up output, OPEC+ was concerned that a fourth global wave of COVID-19 infections could hit the demand recovery, a source told Reuters a little before Monday's talks.
Author:Anna Larionova
Tags:petroleum products, crude oil, neftegaz, petrochemistry, COVID-19.
Category:General News
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