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OPEC-Plus Likely to Roll Over Cuts Amid Uncertainty
Expectations for Opec-plus’ production policy in the third quarter and beyond are changing quickly as market conditions evolve. A month ago, it looked like Opec-plus could likely unwind 500,000-1 million barrels per day of existing oil production cuts in the second half without major market disruption. But with prices down and market signals casting doubt on the strength of demand, the group is understood to be leaning toward a more cautious approach. A rollover of cuts now looks most likely, and other options could even be considered to help support prices amid an uncertain outlook. Fundamentals were somewhat ... (full story)