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OPEC Oil Supply Cuts Sink under Soaring U.S. Production

Tuesday 25 June 2019

NEW YORK (TicToc by Bloomberg) – OPEC’s oil production cuts, designed to buoy global prices, are sinking beneath soaring U.S. production and flat global demand.

With U.S. output forecast to continue increasing, and tensions in the Persian Gulf providing only mild upside, OPEC ministers will meet in July to decide whether the strategy is still worth pursuing.

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