The Energy Report: Let’s Make An Oil Deal – Investing.com

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Gulf
  • Date: 01-Jul-2021
  • Source: Investing.com
  • Sector: Oil & Gas
  • Country: Gulf
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The Energy Report: Let’s Make An Oil Deal – Investing.com

Look out for oil and natural gas! Forget trading for the box where the lovely Carol Meryl stands! OPEC plus is going for the big deal of the day.

Saudi Arabia and Russia agreed to a 500,000 barrel a day production increase. Oil prices are soaring on the news because that was on the low end of what the market was expecting.

Oil is also getting support from the fact that we’re seeing little progress in the Iranian nuclear talks as reports say that the JCPOA talks are not expected to resume until at least next week and even then, there’s no definite meeting scheduled. It appears that the talks with the new hardline presidents are going nowhere and it is unlikely that we’re going to get a deal anytime soon.

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