Oil market lacks confidence in new OPEC agreement

OPEC has promised to send more oil into the global market, however, the agreement to withhold 1.8 million bpd from consumers continues in practice.


Members of the Organization of Oil Exporting Countries (OPEC) agreed on Friday to increase oil production by 600,000 bpd from July 1, however, that amounts to only 0.5 percent of global consumption.

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