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OPEC+ to ease production cuts from August

Oil

The OPEC+ group has officially agreed to reduce production cuts from 9.7M b/d to 7.7M b/d from August until December, following the meeting of the Joint Ministerial Monitoring Committee (JMCC) on Wednesday, Reuters reports. According to the Saudi Arabian Energy Minister Prince Abdulaziz bin Salman, the effective cuts are expected to be in the 8.1-8.3M b/d range however, as countries such as Angola, Iraq and Nigeria are set to compensate for overproduction in previous months.