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Higher crude oil production by the Organisation of the Petroleum Exporting Countries and its allies will weigh on prices, analysts at Capital Economics, a London-based economic research firm, have said.
“But we expect Brent to fall into the $60-70 range in 2022 as more global supply comes onto the market,” the Assistant Commodities Economist, Samuel Burman, said in a note. The group agreed on Sunday to increase its collective production quota by 400,000 barrels per day each month between August and December 2021.
“In turn, this will maintain the downward pressure on global stocks and provide support to prices, particularly in Q3.
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