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.

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