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IEA
IEA says that the OPEC+ will most likely not carry out the expected oil output increase in the coming months due to limited spare capacity.
Oil prices are bullish during the Asian session on Tuesday as the two major oil benchmarks are up...
The IEA stated that the oil market is on edge because of the ongoing OPEC+ deadlock.
Crude oil production of OPEC+ members for June reduced by almost 2 million barrels.
With the slowdown in supply glut and improvement in oil demand due to easing of lockdown in economies across Europe, Asia, Africa, and so on
It is obvious that the scale of the oil crisis has defied the efforts of OPEC+ and other oil-producing countries, as the idea of production shutdown is moving towards reality.