
On Thursday, oil producer group OPEC+ is expected to approve another small production rise for June, despite persisting concerns about weakening Chinese demand, shortly after, the world’s largest trading bloc unveiled proposals for further sanctions against Russian petroleum, reports CNBC.
It is widely expected that OPEC+ ministers will agree to lift production targets for next month by 432,000 barrels per day, adhering to the existing strategy of gradually unraveling record supply cutbacks.