Concerns over the global consumption outlook counterbalanced the struggle by big OPEC producers to pump enough supply to satisfy growing demand in a seesaw session on Tuesday, and oil prices increased little. Both benchmarks were up $1 per barrel at one time, but Brent crude lost ground and ended up just 44 cents higher at $74.36 per barrel, after losing over 2% on Monday.
As the energy balance alters, Russia predicts global oil demand will not recover to its 2019 peak before the pandemic, according to the TASS news agency. However, as the world recovers from the coronavirus pandemic, the Organization of Petroleum Exporting Countries (OPEC+) and its allies, notably Russia, struggled to pump enough oil in August to satisfy current consumption. As part of the OPEC+ deal, several countries looked to have produced less than projected, implying that a supply shortfall could widen.
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