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OPEC+ Hikes Production 432k b/d For May

OPEC

The OPEC+ ministerial meeting has concluded in 12 minutes with the group sanctioning an oil production hike of 432,000 b/d for May.

  • This represents a very moderate tweak on forecasts but still in line with expectations.
  • The hike comes hours before US President Joe Biden is expected to announce a release of oil from the US strategic petroleum reserve and shows that the Saudi and Russian led coalition continues to resist western calls to increase production.

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