OPEC+ Panel Recommends Gradual Output Hikes for Rest of Year
- Prices rise as pace of supply boost seen keeping market tight
- Cartel may add 400,000 b/d each month from Aug. to Dec.
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An OPEC+ ministerial panel recommended a gradual increase in oil output to the end of the year, paving the way for the wider group to reach a deal that would keep a firm grip on supply even as prices trade at two-year highs.
The OPEC+ Joint Ministerial Monitoring Committee, which includes Russia and Saudi Arabia, recommended that the group should add 400,000 barrels a day each month from August to December, a delegate said, asking not to be named because the information isn’t yet public.