Global oil benchmarks extended gains on Monday, November 20, as further supply cuts in OPEC+ production are expected in the coming weeks. Since late September, oil prices have witnessed a nearly 20% decline, and last week, the prompt inter-month spreads for Brent and WTI transitioned into contango. "If additional cuts are agreed, a short-term price boost is expected, but its …
A surprise cut in additional taxes imposed on fuel exports and crude oil production has spiked energy sector prospects, said global brokerage Morgan Stanley. “While in absolute terms the windfall taxes are still high, we believe steady normalisation in local fuel availability, stability in oil prices, more normalised global fuel margins, and currency stability will help further reduction in windfall …
