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Oil Markets

Delta Turbulence Shakes Markets

Copyright © 2021 Energy Intelligence Group
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Oil markets are jittery as the Delta variant and Covid-19 vaccination gaps pose downside risks to demand. But we see the recovery being delayed, not derailed, with ongoing support for $70-plus prices. An uneven, volatile recovery will complicate Opec-plus' market management efforts — likely requiring continued group flexibility through 2022.

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A rebound in inflows from Saudi Arabia, Iraq and Brazil helped China's overall crude imports stage a strong recovery in August, compared to July.
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