OPEC+ confirmed its plans to extend the pause on crude oil production hikes to March this year, citing “healthy oil market fundamentals as reflected in low inventories.” In a press release late Sunday, OPEC+ said that “the 1.65 million barrels per day may be returned in part or in full subject to evolving market conditions and in a gradual manner.” The announcement comes as no surprise, after the producer group indicated earlier this month it saw no need to add to global oil supply right now, not least because the first…
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