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OPEC+ Bring Forward Quota By One Month

OIL

The OPEC+ increase of 648kb in July and August quotas effectively brings forward efforts to unwind all of the coalitions remaining output cuts from September to August. (Two months at 648kdb rather than three months at 432 kbd)

  • The shift in strategy is likely the result of Russia-led shortages, while efforts to meet the quotas seem low given the groups overcompliance at prior production increases for past nine months.
  • US and Brent oil futures turn positive after falling over $3/bbl earlier in the session.
  • Brent AUG 22 up 0.1% at 116.38$/bbl
  • WTI JUL 22 up 0.1% at 115.33$/bbl

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