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Russia Said to Favour OPEC+ Output Hike of 1mln bpd or More

RUSSIA
  • Manufacturing PMI for June came in below expectations at 49.2 vs. Exp. 51.7, the lowest since November and the largest miss relative to expectations since December.
  • Headlines circulated yesterday from Bild reporting a Russia-based cyberattack had targeted the German banking system, with reports late yesterday stating that German authorities had thwarted the effort and the impact on service was "very marginal".
  • Today's OPEC decision remains key, with markets continuing to expect an increase today of around 500,000bpd in production. Reports suggest that Russia favours a more sizeable return of supply, favouring an output hike of as much as 1mln bpd.
  • Putin today takes part in an online forum alongside Belarusian President Lukashenko. Meanwhile the Bank of Russia's International Financial Congress continues.

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