
On May 31st the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) said that it would pump 411,000 more barrels per day (b/d) of crude in July. The statement marked the third such rise in as many months. OPEC+’s increased production is equivalent to 1.2% of global demand, and represents a drastic acceleration from plans drawn up last year, when the group said that it would raise output by 122,000 b/d a month.
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