OPEC+ to accelerate oil output hikes, warns of ending voluntary cuts if compliance lags ...Middle East

The decision follows April's surprise move to raise output faster than expected, a strategy reportedly led by Saudi Arabia to penalise members falling short of their quotas. A fresh increase for June was agreed over the weekend, pushing total planned hikes from April to June to nearly 1 million bpd. Another 411,000 bpd is expected to be approved for July, with further increases likely through October.

Saudi Arabia also issued a warning on non-compliance during the latest meeting, one source said. Kazakhstan has already openly defied the group, with its energy minister saying national interests take precedence.

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Oil futures trade begins soon, update as of Friday;

This article was written by Eamonn Sheridan at www.forexlive.com.

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