OPEC+ decided on Thursday to ramp up its monthly oil production increase to nearly 650,000 barrels per day (bpd) as the group looks to compensate for falling production in its key member Russia amid expectations of strong fuel demand this summer. In another super-short meeting today, the ministers of the alliance agreed to boost the monthly production increases more than the usual 432,000 bpd, accepting the recommendation of the Joint Ministerial Monitoring Committee, which had met earlier in the day. “The Meeting noted the most recent reopening…
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