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Oil market finally gets some breathing space

OPEC continues to prove its positive role in the oil market, with its alliance growing stronger after every downfall.

The OPEC+ alliance, which includes non-OPEC members, agreed to extend oil production cuts to ensure a more balanced market, which is more sustainable for consumers and producers. Amidst the pandemic, oil demand was crushed by the lockdowns and resulting in stocks of crude piling up all over.

This glut led to great setbacks on delivery prices for March and April; however, during May and June the prices have been on an upward trend due to higher coordination and increased pressure on non-compliant oil producers within OPEC+.

Touchstone Exploration Inc (LON:TXP) is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.