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2021 Congressional Testimony

EIA's view on Domestic and International Energy Price Trends pdf
Subject:EIA, forecasts, energy markets
Presented by:Stephen Nalley, Deputy Administrator
Presented to: U.S. Senate Committee on Energy and Natural Resources
Washington, DC—November 16, 2021

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OPEC+ production cuts drive up sour crude oil price around the world

daily crude oil price spread, Dubai Fateh minus Dated Brent
Data source: Bloomberg L.P.
Note: The figure is based on the five-day moving average of the price spread between Dated Brent and Dubai Fateh.

Crude oil production cuts among OPEC+ members are limiting the global supply of medium, sour and heavy, sour grades of crude oil. These cuts are increasing prices for these grades compared with sweet crude oils, reversing typical price relationships.

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