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OPEC+ Shows Confidence in Economic Recovery With Oil-Supply Hike

  • Decision follows internal and external pressure to pump more
  • Group will add about 2 million barrels a day from May to July
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WATCH: Jeff Currie, Goldman Sachs global head of commodities research, sees the potential for "substantial upside" to commodities prices.(Source: Bloomberg)
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OPEC+ expressed growing confidence in the global economic recovery by agreeing to increase oil production gradually in the coming months.

Before Thursday’s meeting, the cartel had been widely expected to maintain its cautious stance by rolling over the current supply cuts, just as it did last month. Yet Saudi Arabia and its allies showed they are more convinced now that fuel demand is on a firmer footing after a yearlong beating from the coronavirus.