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OPEC now an 'observer'

OPTIMISM is growing in the oil patch, with OPEC now relegated to being an "observer" rather than a price-setter to the point where Edison, in line with the US Energy Information Administration, believes Brent crude will rise by $20/bbl in the long-term.

Anthony Barich

In the time that Brent has risen $17/bbl, or 51%, since Edison's last Macro Outlook in January, supply has been affected by a 1.2 million barrels per day reduction in Canadian output due to wildfires,...

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