OPEC+ meets on July 6, the cartel is expected to hike August output by 411,000 bpd.
Russian Deputy Prime Minister Alexander Novak says the decision will be made on the day:
- “We’ll review it during the meeting, as is traditional”
The group has been steadily adding back oil output since April:
- monthly increases of 411,000 bpd
- chipping away at unwinding 2.2 million barrels per day of voluntary cuts
This article was written by Eamonn Sheridan at www.forexlive.com.