Despite a major oil price crash on Monday, oil prices are now on course to close out the week more or less unchanged. Friday, July 23rd, 2021 The news of OPEC+ bringing back withheld production in August 2021, following through with 400kbpd monthly increments over the remainder of this year, triggered a spectacular tumble in oil prices earlier this week. Despite pandemic-related risks surging in Southeast Asia and U.S. crude inventories rising for the first time since May, the second half of the week saw a surprising rebound as the market has grown to realize that additional OPEC+ supply would be offset by recovering global demand. Venezuela Buys Diluents Again. The VLCC Rene discharged a cargo of condensate in Venezuela’s main export terminal of José, previously used by PDVSA to dilute extra-heavy Orinoco barrels to create transportable and refinable blends. The origin of the cargo is unknown, the supertanker’s […]