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Oil: OPEC likely to delay planned increase in output quotas – ANZ

The OPEC+ alliance is faced with a crucial decision as the market enters a critical phase of its recovery from the depths of the global pandemic. The supply cuts that the group implemented in Q2 have gone a huge way to stabilising the market. After bottoming out around $20/bbl in April, Brent crude has more than doubled to over $40/bbl within two months. Strategists at ANZ Bank expect the OPEC+ will have no choice but to delay the increase of quotas by a month or two at its meeting on December 1.

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