OPEC and allies agree to extend output cut through July
In April, the cartel initially agreed to cut oil production by 9.7 million barrels/day from May to June 30.
OPEC emphasized that countries that have failed to lower output by their allocated amount must enact additional cuts in July, August and September in order to compensate for non-compliance in May and June.
On Monday, WTI crude oil futures for July delivery were trading higher close to $40/bbl, while ICE Brent futures neared $43/bbl for August delivery, at the time of writing.
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