Global Markets: U.S. oil output to be limited: OPEC+

WINNIPEG, June 18 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Reports state that oil industry experts have told OPEC+ members that oil output from the United States will remain limited this year despite rising prices, according to sources within the organization. This is in anticipation of a potential rise in shale output next year. Officials from OPEC+’s Economic Commission Board attended meetings on Tuesday and Thursday which showed forecasts on U.S. oil output for 2021 and 2022. An industry source said 2022 forecasts call for growth ranging from 500,000 to 1.3 million barrels per day.

– Hardline judiciary chief Ebrahim Raisi is widely expected to win the Iranian presidential election on Friday. Raisi is under U.S. sanctions for his alleged involvement in the mass executions of political prisoners in 1988. He has the backing of the country’s influential Revolutionary Guard Corps and has supported negotiations for a deal with major powers to halt its nuclear program in exchange for the lifting of sanctions.

– The National Advisory Committee on Immunizations (NACI) is now recommending Canadians who have received the AstraZeneca COVID-19 vaccine for their first dose to use an mRNA vaccine, either Pfizer-BioNTech or Moderna, for their second. The recommendation was made due to dwindling supplies of the AstraZeneca shot, increasing supplies of the mRNA vaccines and data from studies suggesting a greater immune response from those vaccines compared to two doses of the AstraZeneca vaccine. Some provinces are already allowing those getting vaccine doses to “mix and match”.

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