OPEC Turns Up the Taps—and Turns Up the Heat on Russia
OPEC+ is accelerating oil production. What began as a slow unwind of voluntary cuts has become a sharp shift in strategy: the group plans to reverse 2.2 million barrels per day (bpd) of voluntary cuts by the end of October— much faster than previously expected. For Russia, this is not just bad news. It is potentially devastating. As of April 1, OPEC+ had already increased output by 138,000 bpd. In May and June, that increase jumps to 411,000 bpd per month.
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