Members of OPEC+ are discussing a potential third consecutive oil production surge in July, with an output hike of 411,000 barrels a day among the options under consideration, Bloomberg’s Salma El Wardany, Fiona MacDonald, and Grant Smith report. A final decision on the production hike is due to be taken at a gathering on June 1, with many predicting a bearish outlook for the market this year, the report says. Publicly traded oil majors include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Shell (SHEL) and TotalEnergies (TTE).
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