OPEC+ Unwinding Cuts Leaves Market Miraculously Balanced ...Middle East

The eight OPEC+ nations that contributed to voluntary production cuts are set to meet on Friday to discuss production strategy for July. Commodity strategists at Standard Chartered have predicted that we are likely to see more of the same, with the group adding another 411 thousand barrels per day to July targets and cumulative unwinding now clocking in at 1.4 mb/d.  Interestingly, the analysts have reported that the increase in targets has not translated into the expected large increases in OPEC+ output, partly because the increase simply…

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