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WTI crude softens post OPEC+, back in the sweet spot for bulls
As widely expected ahead of Sunday’s virtual gathering, OPEC and its allies agreed to extend cuts of 3.66 million barrels per day bpd until the end of 2025 and begin phasing out voluntary cuts of 2.2 million bpd over the next 16 months, beginning in September. While markets had expected OPEC and Russia to extend voluntary cuts by a few months due weaker oil prices, the decision to taper the reduction well into 2025 should be seen as a bullish surprise. The cartel also forecast demand for its crude product would average 43.65 million bpd in the second half of this year, pointing to a draw in global inventories of ... (full story)