OPEC Sees Tight Oil Market as Ministers Set for Supply Talks
- Ministers are seen rubber-stamping July increase on Tuesday
- Discussion will then turn to what’s needed over rest of 2021
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A year after cutting unprecedented volumes of crude, the OPEC+ alliance is expecting world oil markets to get acutely tight.
The coalition, led by Saudi Arabia and Russia, believes the glut created when the coronavirus pandemic crushed businesses and fuel demand has nearly gone, and that oil stockpiles will diminish rapidly in the second half of the year as lockdowns ease and travel picks up.