Oil producers are walking ‘a tight rope’ to match surging fuel demand

oil producers tight rope surging
Gulf
  • Date: 02-Jul-2021
  • Source: Washington Post
  • Sector: Oil & Gas
  • Country: Gulf
  • Who else needs to know?

Oil producers are walking ‘a tight rope’ to match surging fuel demand

Oil-producing nations are considering whether to boost output to keep pace with rapidly recovering global economies, as the price of crude briefly moved above $75 a barrel for the first time in three years.

West Texas Intermediate crude, the U.S. benchmark, traded as high as $76.22 before backing off. It was hovering near $74.96 by late afternoon trading, a 2 percent increase. Brent crude, the global benchmark, was 1.2 percent higher, at $75.53.

The climb in crude prices coincided with a planned meeting of OPEC oil producers and some non-OPEC partners. The meetings started Thursday in Vienna, with a key supply decision deferred to the following day.

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