Oil markets smooth the way for blockbuster bond offering
Oil prices continued their six-week rally last week, with Brent comfortably closing above $71 a barrel. This largely reflected the outlook for the supply-demand balance in the market. The alliance of OPEC and 10 friendly oil-producing nations led by Russia — known as OPEC+ — sufficiently balanced the market when it decided to cut production by 1.2 million barrels per day (bpd) at its meeting in Vienna in December. The action was needed at the time, because waivers to the Iran sanctions the US had earlier granted eight countries had ...
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