Following the series of crude oil production cuts by OPEC+ since last October, its Joint Ministerial Monitoring Committee (JMMC) is due to meet on 3 August to assess the state of the global oil market, according to several industry sources spoken to exclusively by OilPrice.com last week. OPEC+ says that it expects the oil market to become tighter in the second half of this year, which would naturally put upwards pressure on oil prices. In theory, then, if the group’s core aim is to balance oil markets, as it also says, then the…
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