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OPEC agree to oil output increase - 02-07-2021

Another extremely bullish day in the markets yesterday. The big news yesterday was from the OPEC+ meeting on oil output. An agreement had been made to increase supply by a rumoured 400,000/barrels a day it would appear, which may have brought the markets down in price, or at least the price of oil. However the United Arab Emirates (UAE), at the 11th hour, blocked the move, citing concerns on the production baseline used for calculating output cuts.

This has led to an additional meeting today, before an official announcement is likely made. The markets pushed higher, with doubt suddenly cast on the outcome. The UAE are a major player in OPEC+ and carry a lot of influence.