Saudi Arabia, Russia reportedly reach preliminary deal on raising oil output 0 (0)

Reuters reports on the matter
This pertains to the OPEC+ meeting later in the day and it is no surprise to see deals/accords struck prior to the meeting itself. A 500k bpd overall increase is the baseline figure to expect so we’ll see if there are any other details in the hours ahead.

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OPEC oil output said to have risen by 740k bpd in June 0 (0)

According to a survey by Reuters
– OPEC output in June rises by 740k bpd to 26.24 million bpd
– Compliance with OPEC+ seen at 115%
This isn’t so much so a surprise as they are pumping more amid improving demand conditions, with output having risen in every month sine June 2020 (besides February).

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