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OPEC+ decides not to reduce oil production - 02-06-2021

Brent crude settled above $70/bbl yesterday as OPEC+ chose not to ease production cute, citing economic uncertainties from the pandemic still. Global stock levels are below the 2015-19 average. This is helping to push up prices, along with zero gas nominations from Slovakia and Ukraine, tightening the supply picture medium term, despite the ramp up of LNG arrivals into the UK.