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OPEC to raise oil production in July, stays mum on whatâs next By Grant Smith, Salma El Wardany and Javier Blas on 6/1/2021
LONDON (Bloomberg) OPEC+ stuck to its plan to hike oil output in July, but Saudi Arabiaâs energy minister kept the market guessing as to whether the group will add more supply later this year to keep pace with the accelerating global recovery.
With oil prices rising above $70 and demand for gasoline and diesel increasing in the U.S., China and Europe, OPEC+ is now at the center of one of the most pressing debates in markets: the threat of inflation.
The OPEC oil cartel and allied producing countries have confirmed plans to up crude production. Recovering oil prices have meant higher costs for motorists in the US.