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Opep+ Increases Production, but the Market Looks at Ormuz - Industry & Energy Magazine
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OPEC+ announced an increase of 206 thousand bpd since April, but the market ignores the relief: the key is how long the risk in Ormuz lasts. The oil market is living one of those weeks in which the production policy weighs less than geopolitics. OPEP+’s decision to increase the supply by 206 thousand barrels a day from April was announced as a move to bring more crude to the system, but the reaction was cold, the price remained stressed because …
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