Tue. Jul 14th, 2020

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Oil has jumped almost 250 pips

1 min read
oil
Algeria’s oil minister said production cuts at OPEC+ could reach 10 mbpd.
There are so many minefields in the statements. It’s unclear whether the benchmark for that is Q1 production or if it includes the extra 2.5 mbpd that Saudi Arabia is dumping now. Earlier India also indicated that they will store almost 15 million barrel and will purchase from UAE & other middle east countries. Looks like we are moving ahead towards a cut.

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