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Oil prices up despite supply boost

Oil prices up despite supply boost

Shares in listed oil companies received a boost from higher prices this week, despite a pledge from the Organization of the Petroleum Exporting Countries (Opec) and 11 non-Opec nations to raise output from July. The uptick – in effect a return to 100 per cent compliance with cuts agreed in November 2016 – was agreed at a meeting of the so-called “Opec-plus" group last Saturday (23 June), and could see global production rise by 1m barrels a day (mmbopd) from nations with spare capacity.

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