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Oil prices are trading stronger this morning with ICE Brent up around 1.5% at the time of writing after a handful of OPEC+ members over the weekend decided to delay a supply increase by one month. Members were set to gradually unwind their additional voluntary supply cuts of 2.2m b/d from 1 December, translating to a monthly supply increase of around 180k ...
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The OPEC Secretariat noted that the eight OPEC+ countries Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, which previously announced additional voluntary adjustments in April and November 2023, have agreed to extend the November 2023 voluntary production adjustments of 2.2 million barrels per day for one month ...