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The Organization of the Petroleum Exporting Countries and its allies (OPEC+) maintained strong compliance with agreed oil output targets in May, when the first part of a gradual production increase took effect, Reuters reported, citing official data.
OPEC+ complied with 115% of the agreed output curbs in May. It announced this week the April figure was 114%.
The organization is returning 2.1 million barrels per day (bpd) to the market from May through July as part of a plan to gradually reduce last year's record oil output curbs.
The oil market is witnessing a state of optimism, driven by recovery of demand for crude oil, amid the continued COVID-19 vaccination. Thus, the brent crude exceeded $72 for the first time since 2018.
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