Higher OPEC+ production to weigh on oil prices

The OPEC+ agreement, signed yesterday, should help to stabilise oil prices and we expect Brent crude to trade in a narrow band of between $70 and 75 per barrel over next six months. But we expect Brent to fall into the $60-70 range in 2022 as more global supply comes onto the market.
Samuel Burman Assistant Commodities Economist
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