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OPEC will not save the market from fuel shortages, Bloomberg

According to July's oil report, oil demand will continue to grow despite the risks of a global recession. At the same time, demand will exceed production increase by 1 million barrels - the deficit will continue next year.

Bloomberg oil analyst Javier Bias writes that the increase in oil production in Saudi Arabia and the UAE will not be enough to make up for the shortage of fuel in the world market.

At the same time, oil reserves in OECD countries are falling at a record pace - they have fallen to their lowest in the last 5 years.

ECB tries to save EU economy - central bank will be flexible in reinvesting PEPP program

The pandemic has left persistent vulnerabilities in the eurozone economy that contribute to the uneven normalization of our monetary policy among different countries, the ECB said. The ECB has instructed Eurosystem committees and ECB services to accelerate the development of a new mechanism to combat fragmentation. Why it matters. Rising

Price for oil price cap yet to be determined, head of European Commission

"The EU is ready in principle to go to the oil price cap," von der Leyen added. Earlier, the head of the U.S. Treasury Yellen said that the U.S. is not against the purchase of oil by India above the price cap. The WSJ also reported citing sources

U.S. officials forced to roll back plan to limit Russian oil prices - Bloomberg

India and China - Russia's most important trading partners - will not participate, Bloomberg sources said. The price cap plan is still alive after all. However, the price cap will be higher than previously thought. Earlier, U.S. Treasury Secretary Yellen said the price ceiling could be in the range

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