OPEC+ is likely to stick to the existing pace of gradually easing oil supply curbs at a meeting on Tuesday, OPEC sources said, as producers balance expectations of a recovery in demand against a possible increase in Iranian supply.
The Organization of the Petroleum Exporting Countries and allies - known as OPEC+ - decided in April to return 2.1 million barrels per day of supply to the market from May to July, as it anticipated global demand would rise despite surging coronavirus cases in India.Since that decision, oil has extended this year's rally and has gained more than 30per cent so far in 2021 towards US$70 a barrel.
"We anticipate that the expected return of Iranian production and exports to the global market will occur in an orderly and transparent fashion," he said in a statement.
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