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Analysts at TDS note that OPEC  agreed to partially reverse its strategy of curbing output by considering a 1 MM bpd production quota increase.

Key Quotes

“The increases in actual barrels is estimated to be a lower 600k -800k, which is only modestly higher than TD’s 500k projection. This increase is somewhat less than markets expected and we should continue to experience tightness and higher oil prices, with both Brent and WTI in Asia maintaining last week’s gains.”