New Delhi, July 6 -- OPEC+ is unlikely to focus on defending a price floor in the near term and will instead be more concerned with oil availability, as the Strait of Hormuz remains only half-normalized according to Anindya Banerjee, Senior Vice President and Head of Commodity Research, Currency, Commodities and Interest Rates, Kotak Securities.

OPEC+ is an alliance of oil-producing nations that coordinates global crude oil production to manage and stabilize prices. It combines the 12 core members of the Organization of the Petroleum Exporting Countries (OPEC) with 11 non-member nations, most notably Russia.

Banerjee sees Brent crude staying below $85/bbl as beneficial for India, but flagged that a full normalization of Hormuz over the ...