OPEC-Russia Weigh a Supply Boost by Ending Excess Cuts
- Group is still debating proposal before its late-June meeting
- Possible supply boost ranges from 300,000 to 800,000 b/d
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OPEC, Russia and their allies are discussing a plan to boost production for the first time since 2016, said people familiar with the matter, responding to soaring prices that have made consumers anxious.
The proposal would end a period where the group made significantly deeper output reductions than specified in their original agreement, while also preserving the political and economic alliance between Moscow and Riyadh that has reshaped the global oil market and the balance of power in the Middle East.