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The meeting of the ministerial committee of OPEC+ agreed to increase oil production by 400,000 barrels per day (bpd) as of March, Reuters reported, citing familiar sources.
Goldman Sachs said in a note that there is a chance for a faster increase in OPEC+ production given the recent pace of market rally.
OPEC+ recently stuck to its goals of a monthly production increase of 400,000 barrels per day, and a few OPEC members are finding it difficult to pump even that agreed-upon modest increase.
A report prepared by the OPEC+ committee showed that the committee kept its forecast for the growth of global demand for oil for the current year unchanged at 4.2 million bpd.
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