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Analysts at Goldman Sachs express their take on the OPEC and its allies’ (OPEC+) decision to embark upon a gradual increase in oil production over the next three months.

Key quotes

The decision “is indicative of the cartel and friends expecting summer demand will improve sufficiently.”

“Base case is a full recovery will not occur until the summer of next year, 2022 – implying an agreement likely early-2022.”

“Expect now that supply concerns will shift to the potential return of Iran to the nuclear deal.”

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