The International Energy Agency said in its monthly market report that the outlook for oil “remains fragile” due to the pandemic and that, despite OPEC and its allies’ plan to increase oil supplies in 2021, the market has limited space to accept an influx of supply.
Meanwhile, a number of the cartel’s delegates have said that the cartel’s own producers are having doubts about the plan to increase production, though United Arab Emirates Energy Minister Suhail Al Mazrouei said OPEC+ still plans to boost supply as scheduled.
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