Commodities Buzz: OPEC+ to boost July oil output by 411,000 bpd

OPEC+ announced a production increase of 411,000 barrels per day for July, up from the initially planned 134,000 bpd. The decision was made in a virtual meeting involving major producers like Saudi Arabia, Russia, and the UAE. The group cited a steady global economic outlook and low oil inventories as reasons for the move. The increase may be paused or reversed if market conditions change. Goldman Sachs expects a final 0.41 million bpd hike in August, marking the end of OPEC+?s current output strategy.

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