OPEC+ decision may prompt US to release strategic oil reserves: Report

06/11/2021 Argaam

Oil barrels

The OPEC+ decision may prompt the US to release strategic oil reserves, Bloomberg reported, citing Giovanni Staunovo, a strategist at Swiss UBS Group AG.

 

In a note, Staunovo said although the release would only fill the gap during temporary production disruptions, it will not fix structural issues of underinvestment and rising demand.

 

The Swiss bank reiterated its forecast for Brent to reach $90 a barrel in the coming months.

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