The so-called NOPEC bill, introduced by Representative Steve Chabot, would allow the U.S. Justice Department to bring anti-trust lawsuits against oil-producing countries in OPEC.
The recovery of the global economy appears to be well on its way, however, the recent set of geopolitical developments highlights that there are always risks associated with the oil markets, says Stratas Advisors in its latest oil price forecast.
India reported a record rise in coronavirus infections of 273,810 on April 19, increasing overall cases to just over 15 million, making the country the second-worst affected after the U.S.
Supply discipline and rebounding economies are set to give oil a chance to break out of the recent range, Goldman Sachs analysts said in a report.
The IEA predicted global oil demand and supply were set to re-balance in the second half of the year and that producers may then need to pump 2 million bbl/d more to meet the expected demand.
The upward revision marks a change of tone from previous months, in which OPEC has lowered oil demand forecasts because of continued lockdowns.
In its latest oil price forecast, Stratas Advisors explores whether oil prices will rebound in the second quarter or continue on the downward trend of the last several weeks.
The week of unchanged prices came with the announcement of oil production increases from OPEC+ among other developments, says Stratas Advisors in its latest oil price forecast.
A few days before the April 1 meeting, OPEC+ delegates had said the group would likely keep most existing oil output cuts in place. But in the 24 hours before the meeting started, sources said discussions had shifted to a possible output increase.